Many Americans have grand plans for their retirement. Some plan to travel and have more time to focus on family or hobbies or to relax after many years of hard work. But it is important for workers who are facing retirement to create a plan. What will they do immediately after retirement? What will they be doing 10 or 20 years after retirement? Will they have enough money to do these things? If...

If you’re at least 62 years old and have significant equity in your home, you might be considering a reverse mortgage loan. You may be wondering if a reverse mortgage loan is the best option for you. There are some questions you may want to discuss with a trusted friend, family member or financial adviser before you move forward with a reverse mortgage loan.1 1. Is there another way to reach your...

If you are a single woman, you may have greater “longevity risk” than the average couple or a single man1 Women who are widowed, divorced or never married may have greater financial planning needs as women tend to live longer than men and generally have less money to do so. In fact, according to Elder Issues Inc., 7 out of 10 baby boomer women will outlive their spouses.2 This is generally due to...

One of the keys to a happy retirement includes not having retirement debt. However, a number of older homeowners may feel financially unprepared when entering retirement. Seniors typically choose to live off their savings with some help from Social Security but for those who do not have substantial savings, facing retirement can be frightening. Fortunately, even if savings are not as significant...

A reverse mortgage loan can be a great financial tool for homeowners age 62 and older who have built up significant equity in their home. Borrowers who take a reverse mortgage loan may receive payments in the form of a lump sum, monthly payments or a line of credit, and they can use the funds however they would like. This can be beneficial for senior homeowners who are having trouble making ends...