Over the past century, the growth rate for the older population in the U.S. has rapidly increased. A recent profile of Americans reveals that in 2020, 55.7 million people were 65 and older.  This represented 17% of the population and it’s expected that nearly a quarter of the nation is on pace to be part of the older population within the next 20 years.1 Couple this with senior housing wealth...

The U.S. Department of Housing and Urban Development (HUD) has announced there will be an increase to the Maximum Claim Amount (MCA) for reverse mortgages effective January 1.1 The MCA will increase by $118,500 up from $970,800 in 2022 to $1,089,300 for 2023. The Federal Housing Administration (FHA) is responsible for determining the MCA for Home Equity Conversion Mortgages (HECMs), also known as...

As the holiday season kicks off, the National Retail Federation expects holiday spending to be healthy even with recent inflationary challenges. They are forecasting holiday retail sales during November and December will grow 6% to 8% over 2021 to between $942.6 billion and $960.4 billion. Holiday retail sales have averaged an increase of 4.9% over the past ten years, with pandemic spending in...

When planning for retirement, a topic not to be overlooked is where do you want to live in your golden years?  It was common for older adults to give up their bigger homes and move into smaller houses, allowing the younger generation to purchase these houses.  However, data from a recent survey shows that 77 percent of older adults want to remain in their homes as they grow older.1 With many...

A question that comes up when older adults are researching a Home Equity Conversion Mortgage (HECM) is, ‘What are the fees associated with the loan?’  And, maybe more important is what are the upfront fees versus what you pay over the life of the loan. A benefit with HECMs is that their up-front costs can be financed into the loan, keeping in mind interest will accrue on these fees over time if...