Are You Throwing Money Down a Rat Hole?

Are you throwing money down a rat hole?

Are you retired (or nearly retired) and still making mortgage payments? If so, is that what you envisioned for your retirement? Was it your plan from the beginning to make mortgage payments for the rest of your life? For most people, probably not. But we all know that life happens: health issues come up that force you to retire early, you get hit with unexpected medical bills, the stock market crashes and … Read More…

Reverse Mortgage Non-Borrowing Spouses Under 62 Get Important New Protections

Non Borrowing Spouses

The Department of Housing and Urban Development (HUD) made important changes to the HECM reverse mortgage program in April 2014 to better protect non-borrowing spouses under the age of 62. Prior to the change, only borrowers over the age of 62 could be on the reverse mortgage and on title to the home, which created some big potential pitfalls if the older spouse passed away. If the older spouse died, it … Read More…

Will I Lose All of My Equity If I Get a Reverse Mortgage?

Will I Lose All My Equity

One of the big HECM reverse mortgage disadvantages you may hear in the news media or read about online is that a reverse mortgage uses up the equity in your home quickly. Though this is a valid concern, it’s likely that a reverse mortgage won’t use up your equity as fast as you think. In fact, it may never use up anywhere close to all of the equity in your home; it just depends on what happens to … Read More…

Case Study: How a Reverse Mortgage Helped One Woman Reclaim Her Dream of Traveling

Senior Woman Traveling

Nancy, 65, loved to travel and has been on many exciting trips throughout north and central America. During her working years she dreamed of a time in her life when she would be able to retire and really pursue her passion for exploring new places. Unfortunately, since retiring, she hasn’t been able to do many of the fun trips she’d been planning because of $35,000 in credit card bills that had accumulated from caring for her … Read More…

Are Reverse Mortgage Fees Really High?

Reverse Mortgage Fees

One of the big HECM reverse mortgage disadvantages you may hear in the news media or read about online is the high fees. Yes, the fees can be high, but it doesn’t mean they always are. As with many things reported on in the media, there’s a little more nuance to the issue than the headlines would imply. What Are the Fees to Get a Reverse Mortgage? Like any mortgage product, there are … Read More…

How to Supplement Retirement Income With a HECM Reverse Mortgage

Supplement Retirement Income with Reverse Mortgage

If you’re 62 or older and own a home, a HECM reverse mortgage can be a fantastic way to supplement your existing retirement income. You can receive tax-free monthly paychecks from your home’s equity for a set period of time or for the rest of your life, depending on your financial needs and goals. And the best part is that you don’t have to give up ownership of your home. The Housing … Read More…

How to Finance Home Improvements With a HECM Reverse Mortgage

How to Finance Home Improvements With a Reverse Mortgage

If you’re 62 or older, a HECM reverse mortgage is a fantastic tool for financing home improvements because it doesn’t require a monthly payment and you don’t have to pay the money back for as long as you live in the home. No other home loan program out there offers that. Your obligation under the HECM program is to simply maintain the home as your primary residence (don’t turn it into a second … Read More…

How to Increase Your Liquid Retirement Assets with a Tax-Free Reverse Mortgage

Increase Liquid Retirement Assets

What if I was to say that you could substantially increase your available liquid retirement assets by tens or hundreds of thousands of dollars with a little paperwork and a few months worth of time? What would that mean for your retirement? What would that mean for your financial security? Believe it or not, it can be done, and a HECM reverse mortgage can make it happen. Will Your Money Outlive You? One … Read More…

How to Eliminate Mortgage, Credit Card, or Other Loan Payments With a HECM Reverse Mortgage

Credit Cards

The quality of your lifestyle in retirement is largely determined by your disposable income, or the income you have left over at the end of the month after all the mandatory monthly bills are paid. If you’re carrying a lot of debt, those payments could be holding you back from the lifestyle you really want. Many retirees with large mortgage payments, credit card balances, and auto loans often don’t have the free cash … Read More…

Case Study: How A Reverse Mortgage Enabled One Couple to Finally Retire

How a Reverse Mortgage Enabled One Couple to Retire

Ted and Patricia, aged 67 and 64, respectively, live in Lake Forest, CA and are looking ahead toward retirement. Both are still working, Patricia as a nurse, Ted as a truck driver. They like their jobs, but they’ve been at them for a long time and are tired of the stress and long commutes. They really want to quit working so they can spend more time with their children and … Read More…