Obscure Regulation Halts Reverse Mortgages, FHA Lending in Some Towns

Thanks to the abrupt enforcement of a decades-old regulation that the Federal Housing Administration had seemingly ignored, consumers looking to buy homes or take out reverse mortgages in some 55+ communities have had their FHA loan applications rejected at the last minute in recent months. Starting this past fall, applicants in the Sun City and […]

Older Americans Have Home Equity, But Still Worry About Retirement

A pair of recent surveys reveal the facts that many in the reverse mortgage industry know all too well: Seniors worry about how they’ll pay for retirement, don’t have pensions, and are sitting on significant quantities of home equity. Perhaps the most interesting revelation in the Employee Benefit Research Institute’s annual Retirement Confidence Survey, however, […]

Baby Boomers’ Wealth is Shifting Their Aging in Place Decisions

Baby Boomers’ housing preferences are shifting and this is having an impact on whether they will wish to age in place in the future, says a recent report from the National Association of Real Estate Investment Trusts (NAREIT). Using data with the Panel Study of Income Dynamics (PSID), a nationally representative survey from 1968 to 2011, NAREIT […]

Boomer Roommate Site Takes New Approach to Senior Co-Housing

For those baby boomers who are too young for senior living and not yet eligible for reverse mortgages, a roommate-pairing service is facilitating a new approach to shared housing for the age 50-plus population. Modeling itself much like online dating service eHarmony, Roommates4Boomers (R4B) aims to help women in the age-50 and older demographic find […]

Friday Round-Up: Reverse Mortgages Help Solve Dire Housing Situation

In case you missed it, here’s what happened in reverse mortgage news this week: Harvard, AARP: Senior Housing Situation Dire, But Reverse Mortgages Can Help An increasing number of baby boomers and those age 65 and older are carrying mortgages into retirement, pointing to a looming seniors housing crisis — but reverse mortgages can offer financial […]

NY Times: Shared-Living Model Helps Seniors Lower Housing Cost

Shared living arrangements address the desire of some seniors to age in place, as well as cut living costs, the New York Times reports. Housing costs are typically a third or more of living expenses for people 55 and older. Marianne Kilkenny, 64, launched Women for Living in Community more than a decade ago to […]

Half of Americans Struggling to Afford Their Mortgages

Americans have been struggling with housing affordability over the last three years, with 52% having to make sacrifices to cover their rent or mortgage, according to a recent survey. Getting an additional job, deferring saving for retirement and cutting back on health care were just some of the sacrifices these struggling homeowners have made to […]

NY Times: Aging Population Rethinks Retirement Living

The traditional Sun Belt retirement communities may be a thing of the past as more seniors are looking for housing that caters to an active lifestyle and is located near relatives and cultural opportunities, the New York Times reported May 30. This shift in preference has created a demand for developers to increase their housing […]

Senior Living Leads Provider Finds Housing for Cash Strapped Seniors

Concierge Care, Inc., a company that provides referral services for the senior care industry, is helping financially underserved seniors find housing through a new volunteer program. The “Concierge Care Samaritans” program, which represents more than 10% of the company’s weekly efforts, is an initiative four years in the making that provides pro bono work for […]

Personal Finance Site Ranks 10 Best Cities to Retire

The nation’s top urban locations for retirement have a few key things in common, if NerdWallet’s list of Best Urban Places to Retire is any indication: affordable costs of living and care, and lots of seniors.  Florida, Tennessee, and Texas feature prominently on the recent list compiled by personal finance website NerdWallet, which based its calculations on six […]