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Tips: Reverse Mortgage Process

Are you interested in a reverse mortgage, but not sure what to expect?  A reverse mortgage loan is a big decision and there are a few things you can do to make the process easier.  Below are a few tips which you may find helpful when deciding to proceed with a reverse mortgage. Do Some Research Before beginning the reverse mortgage process, you should do some research to ensure it is the right...

Reverse Mortgage: Finances and Retirement

Many working Americans are worried about their financial security during retirement and Covid-19 has worsened their concerns.1 Simultaneously, the pandemic has triggered some to either retire or consider retiring sooner than expected.  With these concerns, retirees will want to ensure, when leaving the workforce, they are positioned to manage their investments, know when to collect social...

Refinancing Options for Seniors on a Fixed Income

While interest rates continue to remain low1, many seniors, especially those on fixed incomes, may be interested in lowering their monthly mortgage payments.  Some have found that refinancing their current mortgage is a valuable option to freeing up more cash. There are a few refinancing options for seniors that may be a benefit: Rate and Term Refinance: A rate and term refinance option can lower...

Access Your Housing Wealth with a Reverse Mortgage

Senior housing wealth has been steadily growing and continues to break records.  In a recent report, homeowners who are 62 and older have increased their wealth by 1.6 percent or $121 billion in the third quarter of 2020 and reached a record $7.82 trillion1. There are multiple ways to access your equity, such as selling and downsizing, but what are your options if you want to remain in your home...

Aging in Place with a Reverse Mortgage

When it comes to retirement and where you will be living in your golden years, many retirees want the option of being able to stay in their current home, also known as aging in place.  However, you may find some features in your home may become problematic as you get older.  If you are planning to age-in-place, knowing what modifications to make is just as important as knowing how you will pay...