Tag: home equity

The Older You Are, The Greater Your Reverse Mortgage Benefits

Reverse mortgages provide older homeowners with an additional source of cash flow to supplement, and even enhance, their retirement savings. Depending on a borrower’s age, there are several ways that older retirees can maximize their reverse mortgage potential. A reverse mortgage allows homeowners age 62 and older to convert a portion of their home equity…

Two Reasons to Get a Reverse Mortgage Now Instead of Later

Used wisely, getting a reverse mortgage early in retirement can result in getting more out of both the reverse mortgage and your investments at the same time. If used strategically, reverse mortgages can be valuable financial planning tools to help retirees cover a variety of lifestyle expenses and can also strengthen the spending power of…

Here’s How Your Home Can Write You a Monthly Check for the Rest of Your Life

The oddly named ‘tenure payment’ is a fixed monthly payment you can getfor as long as you live in your home. Reverse mortgages have been gaining greater attention from financial planners because they can be incorporated into retirement income plans. One of several strategies enables homeowners to use a reverse mortgage to receive monthly cash…

Rich or Poor, Here’s How To Get the Most Out of a Reverse Mortgage

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…

Protect Your Retirement Savings from New Medicare Fees with a Reverse Mortgage

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…

Financial Guru Jane Bryant Quinn Recommends a Fresh Look at Reverse Mortgages

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…

The Top 3 Reasons To Get a Reverse Mortgage

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.”…

How to Most Effectively Use Reverse Mortgages in Retirement Planning

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…

New FHA Condo Rules for Reverse Mortgages Offer Lot of Sizzle, No Steak

New FHA Condo Rules Make Reverse Mortgages More Accessible

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,…

You’ve spent years caring for your home. Why not let it return the favor?

You Have Cared for Your Home, Now Let it Care for You

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…

Should I Pay Off My Mortgage or Invest for Retirement?

While some baby boomers believe paying off a home mortgage is a better financial decision than saving for retirement, industry experts say home ownership is often overrated, and soon-to-be retirees should consider more liquid investments. In part due to the recent housing bubble, Americans are now more likely than they used to be to have…

Are You a Good Fit for a Reverse Mortgage? Take This Quiz and Find Out

Have you been considering a reverse mortgage loan, but you’re not quite sure if it’s the right fit for you? Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration and allow qualified homeowners to borrow against the equity they’ve built up in their homes in the form of a non-recourse loan. The…