A reverse mortgage loan can offer older adult homeowners financial security by allowing them to access a portion of their home equity. With a reverse mortgage, older adults may be able to eliminate their monthly mortgage payments,1 pay off other debts,2 and have extra cash flow.  Despite the benefits of a reverse mortgage loan, there are a few pitfalls that can occur when borrowers fail to...

Have you planned for your long-term care needs? With 10,000 Americans turning 65 every day1, there will come a point when they will not only need medical and preventive care but may also require ongoing care in retirement from a home healthcare provider. The costs of long-term care needs can add up quickly and put a large dent into your savings if you’re not prepared. Research shows that 56% of...

Are you interested in a reverse mortgage but not sure how you can benefit?  If you are a homeowner, 62 years and older, and have sufficient equity in your home, you may qualify for a Home Equity Conversion Mortgage (HECM).  A HECM, also known as a reverse mortgage loan, allows you to access your home’s equity in cash. You no longer have a monthly mortgage payment1 If you have a traditional...

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...