HECM Counseling Tips
December 10, 2019

HECM Counseling Tips

Once a borrower decides to get a reverse mortgage loan, part of the process will include a loan counseling session. This requirement was introduced to confirm that the borrower(s) fully understand the features, benefits, and the obligations it comes with.  During the session a counselor certified by the U.S. Department of Housing and Urban Development […]

Holiday Spending and a Reverse Mortgage
December 3, 2019

Holiday Spending and a Reverse Mortgage

With the holidays near, for some, the financial stress of having to pay for it all can be overwhelming. Many anticipate paying off their holiday debt within 3 months; but for others, it could take more than 5 months.1 From hosting out-of-town guests, traveling to see family, attending holiday gatherings, to gift-giving, this time of […]

Reverse Mortgage Options and Enhancements
November 21, 2019

Reverse Mortgage Options and Enhancements

The Home Equity Conversion Mortgage (HECM) Program, commonly known as a reverse mortgage loan, experienced many significant changes in the recent years, improving the product for those wishing to age in place.  Changes to the borrowing limits, the inclusion of mortgage insurance1 and financial counseling, as well as stricter financial screenings were made to improve […]

What Heirs Should Know About Reverse Mortgages
November 13, 2019

What Heirs Should Know About Reverse Mortgages

Many seniors have turned to a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, to assist them financially during retirement.  However, their heirs or adult children can be left wondering what to do when the last borrower on the loan dies or moves out of the home.   If you or […]

Maintaining Quality of Life in Retirement with a Reverse Mortgage
November 6, 2019

Maintaining Quality of Life in Retirement with a Reverse Mortgage

Finances play a key role in maintaining your quality of life in retirement.  As you reach retirement age you will likely research various financial options as part of your retirement plan, one option may be a reverse mortgage loan.  If you are 62 years or older, a reverse mortgage may be a viable option to […]

How a Reverse Mortgage Can Help with Cost Burdens in Retirement
October 31, 2019

How a Reverse Mortgage Can Help with Cost Burdens in Retirement

Today, seniors owe a lot more money heading into retirement than ever before; and, the amount of debt has climbed sharply over the past decade.1 Many are just keeping up with the expenses of daily living which have become more and more difficult. Debt Levels on the Rise In recent years, older homeowners have taken […]

Is a Reverse Mortgage Loan a Good Idea for Me?
October 23, 2019

Is a Reverse Mortgage Loan a Good Idea for Me?

Seniors researching their retirement options are likely to be introduced to the reverse mortgage loan as an option for supplementing their monthly cash flow. While accessing their home equity and eliminating monthly mortgage payments1 are some of the main benefits of the reverse mortgage, there is still so much to consider before deciding that it’s […]

Best Reverse Mortgage Companies
October 17, 2019

Best Reverse Mortgage Companies

A reverse mortgage loan can provide security for seniors who have sufficient equity in their homes. The funds from a reverse mortgage can be used to supplement retirement income, pay off an existing mortgage1, consolidate debt2, pay for medical or in-home care, make home improvements or repairs, or just contribute to that rainy-day fund. Since […]

Reverse Mortgage Disadvantages
October 8, 2019

Reverse Mortgage Disadvantages

Seniors evaluating their retirement options may consider taking out a reverse mortgage loan to access their home equity as an extra source of funds. This can be an attractive option for seniors who wish to use the funds however they choose and to eliminate monthly mortgage payments.1,2 But a reverse mortgage may not be fit […]

Increased Home Values and Retirement
October 3, 2019

Increased Home Values and Retirement

Over the last 40 years, home values have been increasing across the country and depending on what region of the country, or even what neighborhood you live in, it can determine the increase in your home’s value. Let’s take a look at home values over the past couple of decades.  The US Census Bureau has […]