Reverse Mortgages

Retirement can feel scary.  In fact, it sometimes feels like you are in a tiny boat up against a huge and unpredictable storm with a rocky shoreline ready to break up your way of life. However, you have navigated your financial life this far and — believe it or not — you can chart your…

Respect for and acceptance of reverse mortgages is growing by leaps and bounds. New reverse mortgage rules give retirees reasons to jump for joy! While, reverse mortgages once had many detractors, recent changes to the FHA reverse mortgage program have helped many people change their reverse mortgage reviews.  More people are beginning to see just…

Reverse mortgages offer retirees a number of benefits. Not only can they provide extra cash flow to support a more comfortable retirement, but when used strategically, they can also protect your investment accounts. Waiting until you’re older works for many folks, but for the wealthy it can be a different story.A reverse mortgage allows homeowners…

The Tax Implications of Reverse Mortgages It’s tax season.  For both new and prospective reverse mortgage borrowers it brings to mind questions about how the money from a reverse mortgage is best handled from a tax perspective.  In either case, there are a few things you should know from a tax perspective. Reverse mortgages enable…

Earlier this year, Medicare introduced a new program framework that will make paying for certain coverage options more expensive in the future.  Covering these new surcharges would normally have to come out of other income or by drawing down your investments.  But, it doesn’t have to come out of pocket, or even out of your…

Reverse mortgages have undergone substantial changes over the past year to make them safer for retirees. But just like many other financial products on the market today, reverse mortgages are not for everyone. A reverse mortgage allows homeowners age 62 and older to convert their home equity into tax-free proceeds, which they can use at…

Reverse mortgages aren’t what they used to be. Recent program changes have not only made these loans safer for borrowers, but they’ve also made them better financial planning tools. And this has convinced many financial experts to change the way they look at reverse mortgages. One of those experts is Jane Bryant Quinn, one of…

Do you have a nest egg? You might, but you may not even know it. That’s because your nest egg may actually be your “nest,” that is, the home you live in now. If you own a home and have paid off all or a good portion of your mortgage after making years of payments…

If you’re approaching retirement, or have already stopped working full time, you might be eyeing your savings and your investment portfolio wondering: will it last? For at least these three reasons, you should look into reverse mortgages. For some Americans, the answer is “yes.” For many, it’s “no.” And for a good portion, it’s “maybe.”…

In the past, reverse mortgages were often considered loans of last resort, only to be used after a homeowner has exhausted all other financial assets.  Today, a national discussion has sprung up discussing how reverse mortgages can be effective when used as part of a coordinated retirement planning strategy.  Why now?  These loans underwent several…

The federal government recently updated policies that impact the eligibility of condominiums for reverse mortgages.  This followed an outcry from lawmakers and various mortgage industry groups. But while the policy change is meant to ease rules, critics argue much more needs to be done, especially for condo residents looking to obtain reverse mortgages. In November,…

If you’re like most Americans approaching retirement, you’ve worked for decades with your end goal in mind. Most likely, you’ve carefully set aside savings for the future (or at least you’ve tried to), whether you have invested it conservatively or more liberally. But with costs of health care rising and the average lifespan increasing with…

You may be surprised to find out how much money seniors can receive through a Reverse Mortgage. Still unknown to many, this brilliant retirement method is helping senior citizens across the country by eliminating their monthly mortgage payments and putting cash in their bank account through what’s called a “Reverse Mortgage Loan”. You can bet…

Most Americans have contingency plans in case something goes wrong: a flashlight in the glove box in case of an auto emergency, or a generator in the garage should the power go out for an extended period of time. If you are like most people, you probably have a spare tire in your car in…

Recently a leading academic voice on Retirement Security, Alicia Munnell, of Boston College’s Center for Retirement Research came out and highlighted 3 Keys to fixing the retirement crisis: Work longer Shore up Social Security Leverage Home Equity This article illustrates how using mortgage debt and home equity strategically can be a smart choice for people…

The stock market may have seen historic gains and ongoing rallies following the recession, but it’s still never a sure thing—especially when it comes to investing for retirement. Stocks can be up one day and down the next. The problem isn’t that dips, dives and swings existing in financial markets.  The problem for people approaching…

Reverse mortgages are popular financial products and popular debate topics.  Many people get a reverse mortgage to help finance retirement while some argue their value.  However, it seems that everyone wants reverse mortgage information and to estimate their potential reverse mortgage loan amounts. Who are these people?  What does a reverse mortgage offer them?  Why…

Let’s face it, most of us cannot predict the future. Otherwise, we would probably be set for life financially. The stock market is volatile and the housing market is sensitive to economic turmoil. The cost of living continues to increase while government benefit adjustments are too small or non-existent. Most of us look to our…

  Reverse mortgages can help us successfully age in place during retirement, while also providing some extra cash flow via the most valuable asset most of us own: our home. But like all financial products on the market today, reverse mortgages are not for everyone and there are some things to consider when determining if these…

Going into retirement we plan for unexpected emergencies, we hope the economy improves, we tighten up our belts if need be, but mostly we sacrifice. We sacrifice our finances for our children’s futures, we sacrifice our health and relationships for the benefit of our careers and ultimately our employers, and we sacrifice the most precious…

According to the National Association of Realtors (NAR), the national median sales price for existing homes is currently at an all time high and sales have risen at their highest pace in over eight years.Lawrence Yun, NAR chief economist, is quoted in a press release saying, “Buyers have come back in force, leading to the…

Doing more with less has never been so enjoyable. That’s all, folks. For those of us over sixty, the dream of an easy retirement is now officially deader than a doornail. According to the Pew Research Center, two thirds of us are having to say farewell to the lifestyle we’d hoped to have at this…

In 2009 my grandmother in law was a 91 year old widow.  She had 7 children, 19 grandchildren and 16 great grandchildren.  She loved family parties, playing golf and reading. It was at this time, however, that she began to experience financial stress. Her house was worth $500,000, but she was having trouble paying the…

Have you ever overheard someone trying to win an argument with completely wrong facts? This happened to me recently while having dinner with the family at The Old Spaghetti Factory. We were celebrating Nana’s 86th with nine grown grandchildren and their spouses and six great grandchildren in attendance. There were also a few family friends…