In light of the COVID-19 pandemic’s tightening, continued grip on the United States, some of the nation’s most prominent mainstream news outlets have turned their attention to the reverse mortgage product concept as Americans continue to seek financial relief after enduring the economic shock that the pandemic has caused. Because of the newfound financial stress […]
A reverse mortgage can be thought of as similar to a conventional mortgage, but where the “roles are switched,” according to a new column at Forbes. They’re best suited for seniors encountering mounting costs late in life and those without heirs, and are not well-suited for those who hope to leave their home to an […]
Health expenses in retirement remain a major influence on the ability for seniors to maintain stability in their post-working lives, but remain surprisingly overlooked as seniors plan out their retirement finances. This is according to financial planner Eric Brotman in a new column at Forbes. In citing a recent study on healthcare retirement saving patterns […]
The various rules that the Federal Housing Administration (FHA) has put into place in the Home Equity Conversion Mortgage (HECM) program have been very problematic, resulting in HECM reverse mortgages serving primarily as a standalone financial product as opposed to a single component of a larger retirement plan. This is according to Jack Guttentag, aka […]
In general, people have a tendency to put aside money for accomplishing different tasks they’d like to achieve in their lives. Maybe there’s a swear jar on the kitchen table to try and dissuade the occasional curse word from slipping out around the kids, or maybe a couple has a specific bank account dedicated to […]
Because of the additional volatility introduced into the stock market by the outbreak of the COVID-19 coronavirus, retirees may have questions about what constitutes safe and sustainable tapping of their assets, accounts and investments to safely make it through the affected period. Changes to the interest rate environment have also made the traditional “4% rule” […]
Private reverse mortgages that do not involve the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program used to be used primarily for those with very high value homes. However, those products have evolved to encompass more utility for homes of lower values, particularly as rules governing HECM proceeds have changed. This is according […]
The London Interbank Offered Rate (LIBOR) – which serves as the reference basis for an estimated $200 trillion worth of financial transactions globally – is on the verge of being retired, and there are several aspects of the impending sunset date that consumers should be aware of. This is according to James R. Schenck, the […]
For Americans who find themselves in unique financial situations requiring forms of financing that may serve as alternatives to more traditional, forward mortgage loans, numerous financial products exist that can potentially serve customers in such situations more efficiently than traditional financing. One of these alternative methods is a jumbo reverse mortgage, according to Melissa Cohn, […]
Potential borrowers of reverse mortgages, whether they are Home Equity Conversion Mortgages (HECMs) or a proprietary, non-government product, should be aware of key features before engaging in a loan. These include borrower obligations related to taxes and homeowners insurance, as well as the ways in which reverse mortgage products have undergone significant changes in recent […]
