Are you looking for a product that offers a line of credit?  You may want to consider a HECM reverse mortgage or a HELOC.  While these two products share many similarities, there are also some key differences to be aware of.  However, before we delve into the details, let’s start with a brief definition. HECM Defined A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage...

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...

With pensions giving way to 401(k) plans, the future of social security being uncertain and people living longer, the retirement landscape seems to be changing.  “According to the Employee Benefit Research Institute (EBRI), Americans are vastly unprepared for retirement to the tune of roughly $4.13 trillion.”1  For many retirees, social security supplies a majority of their income, with savings...

Home ownership has often been considered the cornerstone of the American dream; however it might be time to view your home in a new light.  Experts are now urging homeowners to see their house as an asset.  Letting go of the idea of wanting to pay off your mortgage may be a difficult transition for some.  However, using your house to supplement your retirement income may be a good option for...

Whether you’re close to retirement or far from your golden years, financial advisors recommend examining all aspects of your retirement plan.  However, it’s particularly important to re-evaluate your strategy if you’re within five years of retirement in order to identify any shortfalls.1  It’s not uncommon these days for retirees to live thirty years in retirement1, so it’s important to ensure...