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Tag: reverse mortgage

The Top 3 Reasons To Get a Reverse Mortgage
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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.”…

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How to Most Effectively Use Reverse Mortgages in Retirement Planning
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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…

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

New FHA Condo Rules Make Reverse Mortgages More Accessible
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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,…

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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
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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…

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reverse mortgage

Home Equity Can Give You Choices for Retirement When the Stock Market Goes Crazy
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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…

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Reverse Mortgage

Who Wants Reverse Mortgage Information? Why? And, What Can They Get from These Loans?
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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…

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House Prices at All Time High: Can You Afford Retirement Now?
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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…

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Does the Government Steal Your House When You Get a Reverse Mortgage?
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A reverse mortgage is a loan that enables homeowners aged 62 or older to borrow against the equity in their home without having to sell the home, give up title, or take on a monthly mortgage payment. These loans  are very popular but are often misunderstood.  A common reverse mortgage misconception has to do with…

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Reverse Mortgage Ads Are Very Misleading: Get the Facts Here
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If you watch TV, you have probably seen commercials that promote the various benefits of reverse mortgages. Usually, it’s a well-known celebrity spokesperson, explaining how reverse mortgages work and how to become eligible for these loans. But what you have heard in these ads may be misleading. The Consumer Financial Protection Bureau (CFPB) recently conducted…

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Henry Winkler Reverse Mortgage

Henry Winkler Reverse Mortgage? Fred Thompson Reverse Mortgage? Why Do Celebrities Pitch Reverse Mortgages?
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If you’ve never seen a reverse mortgage commercial featuring the familiar face of a celebrity, you’re probably in the minority. Reverse Mortgage lenders have long elected to work with famous faces to help them get the word out about reverse mortgage products. It’s a common practice. Baby boomer celebrities represent brands across all product and…

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Retirement Taxes: Reverse Mortgage Tax Implications
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Tax season can seem like an overwhelming time of year. As you’re busy gathering all the receipts, statements and other necessary documentation on your retirement assets, you might want to consider how alternative investments, like getting a reverse mortgage, can impact your retirement taxes. In recent years, reverse mortgages have been garnering greater acknowledgement within…

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FHA Updates Reverse Mortgage Program: More Money for Most New Borrowers
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New changes to the government’s reverse mortgage program will provide more money to most new borrowers as long as interest rates remain low. The Department of Housing and Urban Development (HUD) announced on Friday a new set of principal limit factors. Principal limit factors are the calculations used to determine the amount of money borrowers…

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Reverse Mortgage Information – Why Is it Kept So Secret by Friends and Family?
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Reverse mortgages are financial products utilized by hundreds of thousands of older Americans. However, it appears that many borrowers are reticent to talk about the loans with their peer group. NewRetirement recently conducted a small survey of prospective borrowers and found that the majority did not intend to tell friends about the loans and only…

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Interested in a Reverse Mortgage? 5 Tips for Finding a Reputable Reverse Mortgage Lender
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When considering a financial product or loan of any sort, one of the first things to do is find a reputable company or lender to work with. This can be especially important for someone interested in taking out a reverse mortgage, a loan designated for borrowers age 62 and older. The importance of identifying a…

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Women Face High Risk of Poverty During Retirement; How to Protect Yourself
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More than half of all Americans worry they won’t have enough money during retirement, but women are more at risk of this than men. More than half (52.6%) of women age 65 and older are considered “economically vulnerable” compared to 41.9% of men in the same age group, according to the Economic Policy Institute’s 2013…

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Retiring with a Reverse Mortgage is Predicted to be the New Normal
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New research shows that the reverse mortgage will become an essential must-have tool for retirees. The reality is that many Americans have saved very little for retirement, which will require them to tap the biggest asset: their home. The good news is that seniors in the United States enjoy the highest rates of homeownership, with…

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

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Disclaimer: The content, calculators, and tools on NewRetirement.com are for informational and educational purposes only and are not investment advice. They apply financial concepts in a general manner and include hypotheticals based on information you provide. For retirement planning, you should consider other assets, income, and investments such as equity in a home or savings accounts in addition to your retirement savings in an IRA or qualified plan such as a 401(k). Among other things, NewRetirement provides you with a way to estimate your future retirement income needs and assess the impact of different scenarios on retirement income. NewRetirement Planner and PlannerPlus are tools that individuals can use on their own behalf to help think through their future plans, but should not be acted upon as a complete financial plan. We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. NewRetirement strives to keep its information and tools accurate and up to date. The information presented is based on objective analysis, but it may not be the same that you find on a particular financial institution, service provider or specific product's site. All content, tools, financial products, calculations, estimates, forecasts, comparison shopping products and services are presented without warranty.