Category: Reverse Mortgages

HELOC vs HECM

Over 62? Which is Better a HECM or HELOC for Tapping Home Equity in Retirement?

If you are like many retired American homeowners, you may have seriously considered accessing your home equity through a  Home Equity Line of Credit (HELOC). Utilizing a traditional HELOC can be a great short term solution to bridge the gap on unexpected expenses, consolidate higher interest debt, or make home improvements.  However, this type of…

reverse mortgage

Reverse Mortgage Limits: The Government Limits How Much Money You Can Get in the First Year

The government-insured reverse mortgage program has undergone major changes in the last few years to better protect borrowers, including one that limits how much money borrowers can get in the first year of the loan. What?!?!???  Less money? How limited is access to your own home equity? Why is limiting how much money you can…

reverse mortgage after death

What to Do About a Reverse Mortgage After Death: Reverse Mortgage Heirs Responsibility

Managing all of the responsibilities of an estate after death can be incredibly stressful.  If your family member had a reverse mortgage, it is particularly important for heirs to quickly figure out what to do about the reverse mortgage after death.  The heirs of reverse mortgage borrowers have a set of duties, even if they…

reverse mortgages explained

Reverse Mortgages Explained: What is the Real Truth About These Loans?

You probably want reverse mortgages explained in a clear straightforward way.  The loans can seem incredibly confusing and many retirees have had slightly negative views about them. However, popular opinion is swinging and reverse mortgages may turn out to be the red wine of financial products — something once considered bad that is now thought…

reverse mortgage information

How Reverse Mortgages Work: Do You Agree With the Top 6 Reverse Mortgage Objections?

At NewRetirement we understand that it is almost impossible to save enough cash for retirement.  We hear awful stories of seniors suffering financially. However, many of you have paid off or paid down your mortgages and actually have substantial savings in your home equity.  You are just not interested in using it even though this…

how do reverse mortgages work

How Your Home Can Function as a Pension Plan for Your Retirement

Ah, the good old days of defined benefit pension plans. Pensions used to be common and a wonderful source of retirement income. But these benefits are increasingly rare.If you are feeling the stress of funding retirement, it is likely because you simply lack the guaranteed pension income that your parents probably had.  You have worked…

reverse mortgage

Retirement Headed for the Rocks? How a Reverse Mortgage Can Light the Way to Security

Retirement can feel scary.  In fact, it sometimes feels like you are in a tiny boat up against a huge and unpredictable storm with a rocky shoreline ready to break up your way of life. However, you have navigated your financial life this far and — believe it or not — you can chart your…

reverse mortgage reviews

Reverse Mortgage Reviews: Why Rants Have Become Raves

Respect for and acceptance of reverse mortgages is growing by leaps and bounds. New reverse mortgage rules give retirees reasons to jump for joy! While, reverse mortgages once had many detractors, recent changes to the FHA reverse mortgage program have helped many people change their reverse mortgage reviews.  More people are beginning to see just…

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…

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…

Reverse Mortgage

The New Retirement Plan That
Banks Don’t Want Seniors Knowing

You may be surprised to find out how much money seniors can receive through a Reverse Mortgage. Still unknown to many, this brilliant retirement method is helping senior citizens across the country by eliminating their monthly mortgage payments and putting cash in their bank account through what’s called a “Reverse Mortgage Loan”. You can bet…

reverse mortgage

Using Home Equity Strategically vs Tactically for Retirement – which is best?

Recently a leading academic voice on Retirement Security, Alicia Munnell, of Boston College’s Center for Retirement Research came out and highlighted 3 Keys to fixing the retirement crisis: Work longer Shore up Social Security Leverage Home Equity This article illustrates how using mortgage debt and home equity strategically can be a smart choice for people…