Many seniors are worried they will not be able to save enough for retirement. Starting to save later in life can be overwhelming and often feel like an uphill battle. The five strategies below can help you make a plan to maximize your money in retirement. 1. Understand your Social Security Benefits Don’t expect social security to cover all of your expenses. Plan out when you will apply for social...

If you are apprehensive about your financial situation in retirement, you are not alone. Financial stability is a concern for many seniors. Social security benefits, savings, and retirement income may not provide enough money to cover living expenses as you age. However, the equity in your home may be able to help. A reverse mortgage unlocks the equity in seniors’ homes, providing an extra source...

Two popular options that allow you to tap into your home equity without the need to sell your home are a reverse mortgage loan and a home equity loan. Understanding both of these options can help you decide which is better for you. Reverse Mortgage A reverse mortgage loan allows you to access a portion of your home’s equity without having to make monthly mortgage payments for as long as the loan...

Some people think that a reverse mortgage was designed to help senior homeowners who are “house rich and cash poor.” A reverse mortgage is really designed to improve the financial security of senior homeowners. These are four ways a reverse mortgage can help make your life better: 1. Retire Early Think of how great life could be if you had fewer bills or none at all. Using the proceeds from a...

Most homeowners plan on staying in their current homes when they retire. According to a new Bankrate survey, 62 percent of homeowners never plan to move.1 Staying at home allows seniors to remain in a comfortable and familiar place while being close to family and friends. If you are planning to age in place, your home equity may be able to help you find the financial stability you need. A reverse...