Downsizing to Increase Retirement Income. A growing number of retirees are reaching retirement still owing monthly mortgage payment, and with lower than expected retirement savings, concerned their resources may not survive a 30-year retirement. What many of these Boomers and Seniors do not know is how to use an FHA-insured Home Equity Conversion Mortgage (HECM) […]
As retirement nears, many older couples consider refinancing their mortgage on their current home. But there may be better financial options. One is the equity conversion mortgage (HECM) for purchase, a type of reverse mortgage. It could allow you to downsize your current home, buy a new one, and eliminate monthly mortgage payments. Read more about the […]
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 […]
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
You finally made it into retirement. But the living isn’t always easy for new retirees. Money may be tight due to the stormy economy, the money you do have must stretch further longer due to longer life expectancies, and health care costs are rising. It is difficult to calculate how long your portfolio will last given […]
