Many changes have been made over the last few years to help strengthen and improve the reverse mortgage program. For example, guidelines limit the amount of loan proceeds that are disbursed within the first year of the loan. The most recent changes were implemented last year in an effort to reduce the number of defaults. “The goal is to avoid making loans to borrowers who have a high likelihood...

Estimating how much you’ll need to budget for health care in retirement can be difficult. Since this is often the largest expense for retirees, it’s important to make sure you set aside enough funds. Luckily, new data from Fidelity Investments may be able to help. Each year, Fidelity estimates the price of health care for the average 65 year old through the rest of their life, assuming they...

Are you running short on funds for retirement?  Or maybe you have enough saved to cover basic expenses, but are having difficulty managing unexpected costs such as home or car repairs.  If you find yourself in either of these situations, it may be time to think about ways you can reduce your expenses.  Below are some strategies that may be able to help: Having a plan Having a solid plan in place...

If you’re like most retirees you probably pictured your retirement years spending your time doing the things you enjoy – more time with family, hobbies, travel, living comfortably in your home, and so on. But can you afford to live your post-paycheck life the way you always hoped? According to research from the National Retirement Risk Index, more than 50 percent of households do not have...

If the Federal Reserve raises rates, consumers will likely feel the effects.  When rates go up, banks tend to increase the prime rate, and this will have an impact on certain financial products.  A prime rate is the lowest rate of interest at which money can be borrowed at commercially. So when the federal government raises rates and the prime rate goes up, it create a rise in interest rates on...