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 […]
For the first time, borrowers will have to prove they can handle the ongoing property costs to qualify for a reverse mortgage. Homeowners applying for a reverse mortgage will soon have to clear a new hurdle. In the spring, all borrowers will have to prove that they can handle the ongoing costs of the loan. […]
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 […]
