Boomers Aging in Place Traditionally, growing older meant moving from the home where you raised your kids and downsizing to a smaller house in a warmer climate. However, recent trends show baby boomers are deciding to age in place. The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share...

Line of Credit Options in Retirement There are many options when it comes to borrowing money it can be difficult deciding which option is best for you and your financial needs.  Many seniors consider using a line of credit to help supplement their needs in retirement.  Let’s take a look at some of the popular line of credit options that are available. Personal Line of Credit A personal...

A recent article about reverse mortgages was posted on The Week, which provided some important details about the loan product.   A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan1 which enables you to access a portion of our home’s equity without having to make monthly mortgage payments2. If you are 62...

Safeguard and Protection Your home is probably one of your largest assets so it’s understandable that choosing to get a loan or tap into your home’s equity is a big decision.  If you’re a senior homeowner researching financial options, it may be helpful to learn about the built in safeguards that protect you as a borrower if you choose to obtain a Home Equity Conversion Mortgage (HECM), also...

Part of the reverse mortgage process includes having an appraisal performed on your home. The proceeds from a reverse mortgage are determined using your age and the value of your home. The appraisal will help establish your home’s value. Why do I need an appraisal? An appraisal is required by the Federal Housing Administration (FHA) to determine your home’s value and to make sure your home is...