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Reverse Mortgage: Know the Risks

While there were many ups and downs in 2020, reverse mortgage loans saw an increase of 15.1% over the previous year.1 While reverse mortgages can be beneficial for senior homeowners, there are a few cases where it may not be a good fit. What is a Reverse Mortgage? A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA)...

Home Equity and a Reverse Mortgage

For many, 2020 proved to be a difficult year, but there was a bright spot for senior homeowners. Senior housing wealth has continued to grow and reached a record $7.82 trillion in 2020, which was primarily driven by an increase in home values.1 With this record growth, seniors may be wondering how they can utilize their housing wealth. What is Home Equity? Home equity is the difference between...

Reverse Mortgage: Debt in Retirement

Many seniors nearing retirement would love to be debt-free, but the reality is many may carry debt into retirement. Whether their debt comes from housing, credit card, or loans, it can cause stress and lead to a lower quality of life and raise concerns about their financial security. Seniors aged 65 and older represent a large and growing part of the U.S. population which may require retirees to...

What are the Benefits of a Reverse Mortgage?

With the ups and downs of 2020, many seniors turned to a reverse mortgage loan to ease the stress of financial uncertainty.  How do you know if a reverse mortgage is right for you?  If you are a senior homeowner who is 62 years and older and have equity in your home, you may be able to benefit from a reverse mortgage. Eliminate monthly mortgage payment1 If you still have a conventional mortgage...

Is a Reverse Mortgage Right for You?

Seniors may find their largest asset in retirement is their home, which may be able to unlock the financial stability they are looking for as they age.  Home equity can be a large source of savings for most seniors in retirement and may provide much-needed funds for daily living, medical expenses, home improvements or to put aside for a rainy day. What is a Reverse Mortgage? A Home Equity...