As a federally-insured loan, a Home Equity Conversion Mortgage comes along with certain requirements and stipulations set by the Department of Housing and Urban Development. One of those requirements is subject to change and a recent move by HUD makes it easier for borrowers to obtain more proceeds from a federally-insured reverse mortgage right now. The requirement is a federally-mandated...

If you don’t feel you’re financially prepared to live beyond the age of 75, you’re not alone—less than half of Americans believe they are. In 2012 alone, about 9 million Americans over the age of 65 will have received long-term care services, and by 2020, that number is expected to reach 12 million, according to the Centers for Medicare & Medicaid Services (CMS). However, a Long-Term Care...

What is the Dodd-Frank Act? The current economic crisis has led to the creation of tighter regulations in the finance industry in hopes of protecting the consumer and preventing a repeat of the 2008 recession.  One of the safeguards recently passed into law is the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Named for Senator Christopher Dodd (D-CT) and US...

You may have considered how your home equity can work for you in retirement through the use of a reverse mortgage. Whether you have saved for retirement or not, this type of loan may be able to help, according to a recent study from the Boston College Center for Retirement Research. A Federal Housing Administration (FHA) insured reverse mortgage, or “Home Equity Conversion Mortgage,” allows...

College towns often make good retirement destinations for aging according to the findings in a recent study released by the Milken Institute.  The study surveyed and ranked more than 350 cities and metro areas across the U.S. to find the best locations for retirees to spend their aging years. The Milken Institute is a nonprofit, nonpartisan think tank that “works to improve lives around the world...