How could you benefit from a reverse mortgage? The decision to take out a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is not an easy or uncommon one. Senior homeowners have various options when it comes to achieving their financial goals in retirement.  Many consider reverse mortgages because they can be used to eliminate monthly mortgage payments1, gain...

An important part of planning for retirement is determining what your long-term care needs may be as the costs can add up quickly and put a large dent into your savings.  The average yearly cost of nursing home care in a semi-private room was $90,155 in 2019, rising to $102,200 for a private room.1 Long-term care insurance is available, but these policies can be expensive.  The...

Enhancing Retirement with a Reverse Mortgage Many Americans may be operating under the assumption that they will have fewer expenses in retirement.  However, the opposite could be true once you factor in medical and housing costs.  With Social Security often covering only about 40% of former wages, baby boomers may experience a gap in funds. A recent study found that 66% of seniors did...

Reasons To Get a Reverse Mortgage Many seniors entering retirement often question “will I have enough money?”  It can be a particularly important question especially for those who plan to rely on Social Security which hasn’t necessarily kept up with the cost of living.  With potential cost increases, such as healthcare, utilities, and home maintenance, many retirees can be left...

Renovate or Relocate and a Reverse Mortgage Baby boomers who are approaching retirement may find themselves in a home that is not friendly for aging in place.  Or, if they are in the right home, they may struggle to pay for renovations and may choose to move and right-size into a more appropriate home.  One financial option that could help answer key questions like how and where they...