Many retirees face the prospect of running out of money as they age. The reverse mortgage is a financial instrument that can brighten the financial prospects of older Americans and reduce the chances of an old age spent in financial straits. Read more from the NRMLA website HERE
According to the Center for Retirement Research, a reverse mortgage makes sense for people who don’t plan to move, can afford the cost of maintaining their home and want to access the equity in their home to supplement their income. Read more to see the pros and cons of Reverse Mortgages and if they could […]
Reverse mortgages have been receiving a lot of fanfare lately as seniors look for ways to finance their retirement. Surprisingly, in 2015 fewer than 1 percent of Americans age 62 and older had taken out a reverse mortgage. But that could be changing as more seniors are doing their research and becoming more open to […]
Have you been considering a reverse mortgage? It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. But what is it exactly? Learn more about how reverse mortgages work from the FTC Online HERE…
Seniors drove their share of home equity to $5.76 trillion and rocketed the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) to an all-time high in Q3 2015 of 200.19 as reported by The National Reverse Mortgage Lenders Association (NRMLA). Read more about seniors and home equity from NMP online HERE
Is your portfolio dwindling as the stock market is plunging right now? Perhaps a reverse mortgage is a better option. One financial advisor explains reverse mortgages as having funds that are growing on an annual basis at a time when your portfolio is shrinking. Read more on the Senior Journal Online HERE
Although recently reverse mortgages are getting some good press, this retirement income tool still retains a bad reputation with much of the public and significant portions of the financial services industry. But why are such negative connotations associated with reverse mortgages? Some of the troubles relate to misunderstandings, such as the idea that […]
Financial planners have long regarded reverse mortgages as an option of last resort for cash strapped homeowners in retirement. Reverse mortgages had a reputation as costly, complex products that could put your family at risk of losing your home. Much of that stigma has changed thanks in part to new rules and regulations to these […]
In the past, bad press has plagued reverse mortgages. It ranged from either high costs and potentially inappropriate uses for these funds to misguided ideas about the homeowner losing the title to their home. But much has changed in recent years. Since 2013, the federal government, through the Department of Housing and Urban Development, has […]
People over age 50 who go through “gray divorce” have large negative financial consequences at just the wrong time –around retirement . The Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. It works like a line of […]
