Posted - July 10, 2015
As you near retirement, you may be looking more closely at your financial statements to realizing that supplementing your retirement income may be a good idea. What you may not realize is that as a senior homeowner you may have the means to do it right now. After all, you have worked tirelessly for the last thirty years paying a monthly mortgage to build equity in a beautiful home you call your own. And now all those years of hard work and all the equity you have saved may be enjoyedRead More...
Posted - June 30, 2015
In the past, the main purpose of a Reverse Mortgage was to help seniors to fulfill cash needs by allowing them to pull the equity in their homes. But today, many seniors are finding that even if they don’t particularly need to fulfill a cash need, they can take advantage of a reverse mortgage as a tool to use strategically in retirement planning. Here are 7 ways a reverse mortgage may be used as a financial planning tool.
1. You can delay Social Security and pension payouts
Posted - June 16, 2015
When you are in the market for a reverse mortgage loan, it is important to find out how much money you may possibly qualify for from your home. This information can help you begin to determine whether or not a reverse mortgage loan could benefit you. Fortunately, there are reverse mortgage calculators available online that can give you a rough estimate of the loan amount you may be eligible for. Although the most accurate amount can only be ascertained through a detailed one-on-oneRead More...
Posted - June 2, 2015
Reverse mortgage risks include losing ownership of your home to the bank.
The bank does not take ownership of your home after getting a reverse mortgage; reverse mortgage borrowers maintain their ownership and title of the home. As long as you continue to honor loan terms as promised, such as paying property taxes and home insurance and occupying the home as your primary residence, you can retain ownership of your home. Keep in mind that a reverse mortgage is still secured with
Posted - May 21, 2015
Congratulations! You have worked hard your entire life and have finally reached retirement. After years of paying down your mortgage, the bulk of your wealth now rests in one main asset: your home. When a homeowner holds a significant amount of equity in their house, they are often described as someone who is “equity-rich,” and you should be proud to be among them. For senior homeowners like you, an important question eventually arises: how do you go about using the equity in your home andRead More...
Posted - May 18, 2015
Although you have probably seen some advertisements about reverse mortgages, you may not have given them much thought. However, as a senior looking to supplement your retirement income, but also trying to avoid monthly loan payments, those same advertisements may have also piqued your interest. No matter what stage of the research process you are in, one question likely sticks in your mind, “Is a reverse mortgage good or bad for my future?”
There are a few key questions you can askRead More...
Posted - May 14, 2015
For over half a century, reverse mortgage loans have enabled more than one million senior homeowners to convert a portion of their home equity into cash in order to supplement their retirement incomes. Reverse mortgages offer numerous advantages to borrowers, allowing them to retain ownership and live in their homes as long as they comply with loan terms. Senior homeowners commonly find this loan option very appealing because monthly mortgage payments are eliminated. Monthly payments areRead More...
Posted - January 8, 2015
For a lot of seniors, retirement is like a finish line at the end of a race. You’ve completed a lifetime of hard work, and now you can relax and devote more time to the things you love in life. But although you’ve now got more time to enjoy, the absence of a steady income may also mean a need to save money. Naturally, you may worry that being frugal in your retirement will create a big downgrade in lifestyle from what you were used to during your working years.
Well, it doesn’t have toRead More...
Posted - January 8, 2015
Reverse Mortgage Overview
In 1961, a new type of mortgage loan was created to assist a recent widow named Nellie Young in continuing to live in her home despite the loss of her husband and his income. This new loan type, called a reverse mortgage, allowed the widow to receive her home’s equity in cash while continuing to live there without a monthly mortgage payment.
Reverse mortgages are government insured loans that allow seniors above the age of 62 to access the equity in their homesRead More...