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Reverse Mortgage: What are the Alternatives?

A reverse mortgage is an important financial tool that many seniors implement into their retirement plans.  It can help to supplement your retirement income, consolidate debt, or even set aside funds for an emergency.  However, there are occasions where a reverse mortgage may not be the answer.  It is important to understand your options and consider the alternatives before you take out a loan...

Reverse Mortgage and Retirement Strategy

Reverse mortgages have changed since they were first established in 1961. However, misconceptions continue about the benefits of this important financial tool. Some retirees may find themselves not having enough savings and a significant portion of their wealth is tied up in their homes. Tapping into one’s home equity through a reverse mortgage can help obtain financial stability throughout...

Reverse Mortgage: Be Alert for Scams

Seniors have often been the target of scammers since they tend to be financially stable, trusting, and can be hesitant to say ‘no’.  A common financial product utilized by seniors that scammers attempt to take advantage of is the reverse mortgage.  Studies have estimated that senior financial abuse, at the hands of scammers, could have losses up to $36 billion.  However, financial abuse could be...

Reverse Mortgage: Know the Facts

Many homeowners are currently sitting on a record-setting amount of home equity.  At the end of the fourth quarter of 2020, homeowners 62 and older saw their housing wealth grow to $8.05 trillion.1 As of May 2021, more than 1.2 million seniors had taken out a Home Equity Conversion Mortgage (HECM), commonly referred to as a reverse mortgage.2  If you or someone you know is interested in accessing...

Home Buying with a Reverse Mortgage: HECM for Purchase

Many baby boomers are making plans for the long term and want to age in place but realize their current home may not be well suited for their future needs. Whether it’s wanting to be closer to family, a warmer climate, an active adult community or a home that’s more suitable for retirement living, a Home Equity Conversion Mortgage (HECM) for Purchase may be able to help achieve those goals. The...