Tag: reverse mortgages

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…

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,…

Reverse Mortgage Ads Are Very Misleading: Get the Facts Here

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…

New Jumbo Reverse Mortgage; HomeSafe Reverse Mortgage Brings Additional Benefits

Homeowners looking to use a reverse mortgage to tap their home equity have a new option that could provide more in proceeds than the government insured HECM reverse mortgage product. Scheduled to roll out in September, the HomeSafe is a private reverse mortgage product — also known as a jumbo reverse mortgage — from Urban…

FHA Updates Reverse Mortgage Program: More Money for Most New Borrowers

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…

Reverse Mortgage Information – Why Is it Kept So Secret by Friends and Family?

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…

Retiring with a Reverse Mortgage is Predicted to be the New Normal

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…

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…

Are Reverse Mortgage Disadvantages Too Great? What Are Your Alternatives?

As you know, some seniors turn to reverse mortgages as a way to fund retirement, free up monthly cash-flow, or buy a new home. But reverse mortgages also come with pros and cons such as ongoing responsibilities of homeownership, upfront costs, or the drawing down of home equity over time that leaves less inheritance for…

Shopping for Your Dream Retirement Home? Check Out These Popular Destinations

Are you one of the millions of Americans approaching retirement and are thinking of moving to a top retirement destination? Whether you are seeking golf, an oceanfront locale or an urban environment with accessible amenities, there are many cities and towns nationwide that are increasing in appeal among retirees. Each year, TopRetirements.com compiles a list of the…

Breaking: New Reverse Mortgage Product — HECM MAX5 Caps Interest Rate

Over the past few months, the federally-insured reverse mortgage program has seen a lot of changes—including the introduction of new, consumer-friendly loan products like the HECM MAX5. The Home Equity Conversion Mortgage (HECM) program allows borrowers age 62 and older to access the equity they’ve built up in their homes in the form of a non-recourse…