Including your children in the decision to get a reverse mortgage is a key part of the process. Laurie Goodman, co-director of the Housing Finance Policy Center at DC’s Urban Institute, emphasized the importance of what she describes as intergenerational communication and collaboration. While it’s nice to leave something to your children, Goodman suspects that many adult children would rather...

Entering into a reverse mortgage is a big decision. It’s important to do your research and seek the advice of a financial advisor. One question that tends to be top of mind when entering into a reverse mortgage is whether the reverse mortgage can be stopped once papers are signed. Can you stop a reverse mortgage? The answer is yes. Similar to a conventional forward mortgage, a reverse mortgage...

The answer to this question depends on your specific situation. The Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is federally regulated and insured by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). HECMs make up the vast majority of reverse mortgages originated in the United States. A HECM allows you to tap into a...

You may be familiar with a traditional reverse mortgage; however, did you know that a reverse mortgage can also be used to buy a home? It’s called a Home Equity Conversion Mortgage (HECM) for purchase, and is sometimes referred to as a reverse mortgage purchase loan. A HECM for purchase allows seniors age 62 and older to purchase a new principal residence without required monthly mortgage...

Most boomers are taking steps to manage their spending and secure their nest egg. However, according to a recent study from the Bankers Life Center for a Secure Retirement, this may not be enough. In the years that followed the Great Recession, millions of middle-income Americans suffered severe financial setbacks. The Bankers Life study reported that between 2007 and 2010:1 Inflation-adjusted...