The effectiveness of a reverse mortgage is determined by the borrower’s retirement goals

Is a Reverse Mortgage Right for You?

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…

“This savvy use of a HECM is catching on . . . . It’s what changed my mind about the potential value of HECMs for people in their early 60s and 70s.” -- Jane Bryant Quinn

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…

Many retirees have overlooked the nest egg they’re living in.

Is Your Nest Egg Hidden In Your Nest?!

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…

For at least these three reasons, you should look into reverse mortgages.

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 some Americans, the answer is “yes.” For many, it’s “no.” And for a good portion, it’s “maybe.” If you find yourself in the “maybe” category, there are some measures…

The oddly named ‘tenure payment’  is a fixed monthly payment you can get as long as you live in your home.

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

Reverse mortgages have been gaining greater attention from financial planners because  they can be incorporated into retirement income plans. One of the several strategies enables homeowners to use a reverse mortgage to receive monthly cash flow for life. A reverse mortgage allows homeowners age 62 and older to tap into home equity by converting a…

A reverse mortgage credit line can exceed your home’s value if you get it early enough.

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…

what is home equity

What is Home Equity? Why is it Important for Your Retirement Plan?

If you own a home, it is important to keep your home equity in mind when making decisions about your property and planning for retirement. If you use home equity effectively, it can help you pay for some of your retirement expenses. The first step to using home equity wisely is understanding what is home…

If a reverse mortgage is right for you, it can offer great financial relief.

New Reverse Mortgage Calculator: How to Assess Your Suitability for these Loans

A reverse mortgage is a loan.  You are borrowing against your home equity.  However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money you have borrowed as long as you are living in the home. Housing is usually both the most costly expense as well as the most…