A Home Equity Conversion Mortgage (HECM) reverse mortgage loan can be a beneficial financial tool for seniors seeking a supplemental income stream. However, a reverse mortgage loan is only available for homeowners aged 62 and older who also have sufficient equity built up in their homes. In addition, eligible homeowners must meet other basic requirements such as living in the home full time as...

Federally insured reverse mortgage loans, also known as Home Equity Conversion Mortgage (HECM) loans, are a financial resource for homeowners aged 62 and older who have sufficient equity in their home, who are not delinquent on any federal debt and who live in the home as their primary residence. Borrowers may receive their reverse mortgage funds in a variety of ways. These include a monthly...

Adult children may become concerned when their aging parents bring up the possibility of a reverse mortgage loan as they want to protect their parents’ interests. However, there are many misconceptions about reverse mortgages, so it’s important to educate yourself to ensure you have a clear understanding of how they work. Reverse mortgage loans are best suited for seniors who plan to stay in...

Some homeowners age 62 and older who have significant equity in their homes may be considering a Home Equity Conversion Mortgage (HECM) reverse mortgage loan as part of a comprehensive retirement plan to help them live a better retirement. For some seniors, their house is their largest asset. Taking a reverse mortgage loan can allow you to increase your retirement income by accessing a portion of...

Researchers are creating robots that will be able assist with day to day tasks, potentially making independence more accessible for the senior population. One example of this is the HOBBIT Mutual Care Robot; which is being designed by the European Union’s 7th Framework Programme to assist seniors in remaining independent and living at home.1 HOBBIT will be able to pick up items, bring items to...