Retired seniors with mortgage debt face a difficult situation. Monthly mortgage payments contribute to high monthly living costs which can put limitations on the lifestyles of seniors who are living on a fixed income. A reverse mortgage is one of the very few financial tools that allows senior homeowners to access a portion of their home equity to pay off their existing mortgage and eliminate...

You may have seen Reverse Mortgages, also called Home Equity Conversion Mortgages (HECM), in the news lately. These types of mortgage loans have become a topic of discussion for many seniors as they plan for retirement. With new safeguards in place, these Federal Housing Administration1 (FHA) insured loans are now recommended by many financial advisors as a smart tool to use in your retirement...

Senior homeowners interested in eliminating their monthly mortgage payments1 with a reverse mortgage will be happy to learn they will likely end up saving a significant amount of money under the new HUD guidelines. The recent changes, which went into effect on October 2nd, can result in thousands of dollars in savings each year in the form of mortgage insurance premiums (MIP) and interest over...

Retirement is often thought of as “the golden years,” the time of life where the stresses and worries of the working world are in the past. The term may bring to mind images of sunset evenings on the porch, sipping a cool drink, and watching the world go by. Unfortunately, for many baby boomers, the picture perfect image of retirement is clouded with burdening financial troubles that cast a...

One question that many seniors face as they enter retirement is how they would like to address the possible need for long term care as they age. Although long-term care facilities are a necessity for some, many seniors will have the option to remain in their home and age in place. Staying at home allows seniors to remain in a comfortable and familiar place while staying close to family and...