For retirees looking to use their homes as income during retirement, they have one or two choices: either downsize or get a reverse mortgage, according to a new ebook from the Center for Retirement Research at Boston College. The booklet, Using Your House for Income in Retirement, is filled with infographics, definitions, examples and other… Read more »
There are many advantages, or Reverse Mortgage Pros, to consider if you are at least 62 years old: You can often choose how the cash is paid to you: a single lump sum, a regular monthly cash advance, a line of credit where you decide when and how much of your available cash is paid to… Read more »
Housing Counseling Housing counseling saves millions every year—both for reverse mortgage borrowers as well as households with traditional forward mortgages. In the reverse mortgage business, agencies are seeing a rising number of counseling sessions this year, as well as a short-term uptick due to product changes implemented in early August. And according to a recent… Read more »
Latest HUD Guidelines The latest HUD guidelines have been released. Under Mortgagee Letter 2014-07 (April 25, 2014) (Non-Borrowing Spouse) released by HUD earlier today, HUD announced that, effective for Case Numbers for HECM loans issued on or after August 4, 2014, if and for so long certain new and important requirements are met, the spouses… Read more »
As the generation of Baby Boomers age the United States finds itself facing a retirement funds crisis more and more retirees lack the financial capacity to support themselves during their ever-increasing life spans. Financial advisors are working with these individuals to help them explore ways in which they can stretch their existing income and even… Read more »
Did you hear? The Reverse Mortgage Market is expanding. When the Federal Housing Administration (FHA) changed the regulations regarding the percentage of a home’s equity that a Reverse Mortgage borrower could access, along with a change in the options that the borrower had for receiving those funds, most financial observers predicted that Reverse Mortgages would… Read more »
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