Many senior homeowners plan to stay in their current home throughout their retirement, also known as aging in place, but for some the costs associated with remaining in the home may be of concern.  The expenses that may raise concerns are taxes, homeowners insurance, and the costs of maintaining the home. For many, their home equity can be a source of much-needed funds to help with these types of...

When planning for retirement, many adults look forward to spending their golden years doing things they enjoy—more time with family and friends, hobbies, traveling, and living comfortably in their homes.  To accomplish these goals, they will need to have a way to pay for them. While a Home Equity Conversion Mortgage (HECM) is an attractive financial tool for tapping into your home’s equity, there...

When saving for retirement and calculating personal expenses, long-term care should not be overlooked.  However, it can be hard to know how much may be needed because the amount of care varies by individuals. Some seniors may not need any care, some will require limited care, while others may need significant help. According to new research, about 20% of 65-year-olds will never need any long-term...

One of the steps in the reverse mortgage process is the appraisal, which establishes your home’s value.  When having your home appraised, there are a few things you should know and prepare for to make the process as stress-free as possible. Why is an appraisal needed? To determine the value of your home and to ensure the home is safe and structurally sound, the Federal Housing Administration...

When deciding if a reverse mortgage is right for you, it is important to know that there are certain requirements a borrower is responsible for during the life of the loan.  By educating yourself on these requirements, you can ensure that you keep your loan in good standing throughout its duration.  It is important to know the requirements because if these obligations are not met, the borrower...