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Retirement Savings and a Reverse Mortgage

When it comes to retiring, a common worry for seniors is outliving their nest egg.  In a 2019 report, 49 percent of older Americans cite running out of money as their chief concern1.  With the average life expectancy in the United States being almost 79 years old,2 many may be wondering what options they have to prevent them from running out of money. Working Longer One way to avoid tapping into...

Does it Make Sense to Refinance Your Reverse Mortgage?

In today’s housing market home values have been on the rise, and expectations are they may even continue to rise in 2021.1    Borrowers who have an existing reverse mortgage may find that their home value has also increased.  With rising home values and the increased Max Claim Amount (MCA) for HECMs in 2021, it may be the right time to consider refinancing your Home Equity Conversion Mortgage...

Reverse Mortgage Loan Limits Increase for 2021

It has been announced by the U.S. Department of Housing and Urban Development (HUD), that the Maximum Claim Amount (MCA) will be increased for reverse mortgages effective January 1, 2021.1 The MCA will increase almost $57,000 from $765,600 to $822,375. This is the fifth straight year that the FHA has increased the Home Equity Conversion Mortgage (HECM) limit. In 2018, the loan limit was $675,650...

Reverse Mortgages and Holiday Spending

The holiday season is upon us and for many, it will be unlike any other holiday season we have known.  Some are shifting their focus from the pandemic and looking forward to purchasing gifts for family and friends.  The National Retail Federation reveals that consumers intend to spend an average of $997.79 on holiday items such as decorations, candy, and gifts.1 These added expenses along with...

Is It The Right Time To Get A Reverse Mortgage?

Have you been wondering if now is the right time to get a reverse mortgage?  You’re not alone.  Demand for reverse mortgages has been on the rise since March 20201 which coincidences with the global pandemic and the economic hardships that many are currently facing. How A Reverse Mortgage Can Help You A reverse mortgage is a Federal Housing Administration (FHA) insured loan1 which allows...