With recent regulatory changes made by the Department of Housing and Urban Development (HUD), Home Equity Conversion Mortgages (HECM) have more built in safety measures than ever before.  HECM loans allow seniors the option to avoid tapping into other retirement resources by allowing them access to a portion of their equity to eliminate their monthly mortgage payment and access proceeds that are...

Household expenses generally decline on average almost 20% between the ages of 65 and 75 and typically drop an additional 15%  by the age of 85.1  Despite the decrease in household spending, the average senior still has many other responsibilities which can be difficult to afford when you retire and your monthly income is reduced.   Below is a list of six main expenses that seniors have which may...

For those who don’t plan for the future, aging in your own home can come with some disadvantages.  Monthly maintenance and upkeep may become tasks too heavy to bear alone.  Daily routines that were once done with ease could become a strenuous hassle.  Features that didn’t seem problematic at the beginning may now be impacting how much of your home you can enjoy.  For those who intend on living in...

As we age, it can become increasingly difficult to find out where to live and how to pay for it. President and CEO of the National Reverse Mortgage Lenders Association, Peter Bell, has noted that the onset of aging baby boomers have rendered the reverse mortgage as a tool for staying in the home.1 There are many different uses for a reverse mortgage. Some borrowers use such funds to pay off their...

Reverse mortgages are available to qualifying homeowners who are 62 years of age or older, which have built up sufficient equity in their homes. They enable borrowers to convert a portion of their home equity into tax-free funds without having to sell their home, give up title, or take on a new monthly mortgage payment.1 Funds from a reverse mortgage can be received as regular monthly payments, a...