Lacking Pensions, Future Retirees Will Rely Solely On Social Security

Many aging households will rely only on social security to fund their retirement as recent research shows only 42% of private sector workers receive pension coverage from their current employer, according to the Center for Retirement Research (CRR) at Boston College.  As a result, 36% of all households end up with no coverage during their work […]

Credit Unions to CFPB: Hold Off on Reverse Mortgage Reform

Credit unions made a public plea to the CFPB last week urging the agency against any sudden changes to the reverse mortgage market. Substantial changes, the National Association of Federal Credit Unions (NAFCU) said in a letter to the CFPB, could deter participants from the market and place an unnecessary burden on those already participating. […]

With Assisted Living Costs Mounting, Seniors Seek Other Options

An overall 5% increase in the average monthly cost of assisted living facilities, reported by the American Association for Long-Term Care Insurance (AALTCI) could be driving today’s aging generation to explore their options in the planning and funding of long term care. Nearly 1 million aging Americans reside in assisted living facilities, but the vast […]

Home Prices Up 3.8% In July, Biggest Increase Since August ’06

Home prices including distressed sales across the nation saw a year-over-year increase of 3.8% in July, making it the biggest yearly increase since August 2006, according to CoreLogic (NYSE: CLGX), provider of information, analytics and business services in its monthly Home Price Index (HPI) report. The monthly measure of home prices including distressed properties also […]

CBO: Credit Will Get Worse Before it Gets Better

While concerns about a weakening economy in 2013 may loom over the country, the Congressional Budget Office (CBO) reports recent findings on the housing market, including loan standards and qualifications. The message: it will likely get worse before it gets better.   The CBO reports an increase in real residential investment for the second quarter […]

Mortgage Professor: Lump Sum Reverse Mortgages Not For Everyone

In the new series on reverse mortgages, Jack Guttentag, also known as “The Mortgage Professor,” writes for Inman news about the effectiveness of lump sum HECMs for seniors.  Guttentag addresses the problems seniors can run  into when they choose to borrow  maximum  funds in a one-time sum at the loan’s outset and cites seniors’ lack […]

Will Today’s Retirees Have Mortgages for Life?

Americans have historically been free of mortgage payments by the time they reach retirement age, but the past two decades have seen an increase in the number of seniors making house payments post-retirement, reports a Detroit News article.  While lack of monetary funds is the cause for some seniors still making mortgage payments, financial planners […]

Will Consumers Use More Reverse Mortgages to Pay HELOC Debt?

As fixed rate loans, reverse mortgages offer a more financially predictable option to a Home Equity Line of Credit (HELOC), and some loan officers are recommending them as a way to pay off outstanding HELOC debt, reports a Market Watch article.  With rates as low as they are in today’s market, an uninformed senior benefitting from a […]

Reverse Mortgage Industry Has Lifetime Chance, Not All Leads Equal

Reverse Fortunes Weekly Podcast Episode #221 When the CFPB published its report earlier this year on the “confusing” nature of reverse mortgages experienced by consumers, they neglected to include input from borrowers and lenders, but soon after opened up a public comment period that continues until Aug. 31. Reverse Fortunes’ latest podcast takes a look […]

The “New Retirement”: It Could Last 30 Years

With the length of retirement increasing, the aging population now must make long-term financial plans to fund housing and health care costs for close to 30 years. The increase in the number of years Americans spend in retirement is a result of a growing average life expectancy and some seniors’ decision to enter retirement in […]