Before the pandemic, 8.5 percent of older Americans had medical debt, and many were experiencing financial hardships.1 The worldwide Covid-19 pandemic made the financial situation even more difficult for seniors.  Unexpected medical expenses can cause stress, lead to a lower quality of life, and raise concerns about financial security, especially if older adults are on a fixed income. Before the...

With the home buying season right around the corner, some older homeowners may be considering purchasing a new home.  They may want to be closer to family, move to a warmer climate, or need a home that is more suitable for aging in place.  A reverse mortgage known as a Home Equity Conversion Mortgage (HECM) for Purchase loan may be an option for buying that new home. The HECM for Purchase is a...

Senior housing wealth has topped a record $10 trillion in the 3rd quarter of 2021.1 With home values continuing to increase, older adults may be interested in tapping into their home equity with a reverse mortgage loan. A reverse mortgage can help provide needed cash flow to homeowners who are 62 years and older and have equity in their homes. The monthly mortgage payment is eliminated2 If there...

Due to soaring energy costs, labor shortages, and supply disruptions coupled with strong demand, Americans have seen the annual inflation rate for the United States accelerate to 7.5% in January of 2022, the highest since February of 1982 and well above market forecasts of 7.3%.1 Many older adults may be concerned about outliving their retirement savings, but high inflation can increase those...

When it comes to older adults deciding where they want to live during their retirement years, it’s no surprise they want to stay in their homes and age in place. Traditionally, getting older meant moving from the home where you raised your family and downsizing into a smaller house in a warmer climate.  However, for most older adults, that simply isn’t the case. In a recent survey, data shows...