Reverse mortgages are complex products which have led to common misconceptions about how they work. Reverse mortgages were created specifically for older adults, who are at least 62 years old, to provide them with an option to help improve their financial situation in retirement. A recent survey reveals many homeowners are unfamiliar with or have little knowledge of reverse mortgages (74%) and...

According to a recent study, the baby boomer population is becoming more and more aware that they run the risk outliving their retirement savings.  These same baby boomers said their biggest fear in retirement isn’t death, it’s running out of money.1   The concern is real: the median amount of retirement savings for boomers is $134,000.2 The Federal Reserve estimates the national average for one...

Despite saving less money for retirement, many older adults are still hesitant about tapping into their home equity with a reverse mortgage due to misconceptions about how a reverse mortgage works.  A reverse mortgage is a Federal Housing Administration (FHA) insured loan1 that allows homeowners, age 62 and older, to access a portion of their home equity while eliminating their monthly mortgage...

Emergency funds are just as important during retirement as when you were in the workforce.  Prior to retirement, your emergency fund was there to help if you lost your job or had another unexpected expense occur.  That doesn’t stop because you are retired.  Instead, once you stop working, there will be a shift in both what it will be used for and how you will be able to supplement it.  You will...

Recent data suggests that retirees are using their home equity to help fund their retirements.  In most cases, retirees are opting to move to less expensive areas which can free up their home equity, and in some cases, rival or even exceed their retirement and 401k savings1. What if your retirement plans involve staying in your home and aging in place?  Did you know that a reverse mortgage will...