Breaking: Reverse Mortgage to pay even more on high value homes
The Federally insured Reverse Mortgage (RM) or the Home Equity Conversion Mortgage (HECM) has always had a cap set on the value they will accept on appraisals. For 2019 this cap has been set to $726,525. If you apply for a RM and your home was to appraise for $800,000,…
Alzheimer’s vaccines having positive results in human trials
Over 5.6 million people over 65 years old are living with Alzheimer’s disease in the United States. This disease affects far more than the many millions living with it; spouses, children, and grandchildren can be lost from memory and treated as complete strangers. The costs of caring for a loved…
Social Security changes for 2020
The money seniors have paid into social security (SS) during a lifetime of working is significant and this monthly payment is often a cornerstone of income for retirees. For those considering a reverse mortgage or those that already have one, keeping up on these changes is crucial. There is a…
Breaking: FHA eases condo rules for Reverse Mortgages
In the past condo owners were lucky if they were one of the few condo complexes that were FHA approved; only 6 ½ % of condos are actually FHA approved (housingwire.com). I worked with an applicant in San Diego and we tried for 6 months to get her condo to…
Reverse Mortgages have changed significantly over time
Most retirees understand a Reverse Mortgage (RM) can be used to access a percentage of the equity in their home, but don’t know how versatile a tool it can be. Here are some potential uses: A source of tax-free money (consult a tax advisor). Protection against future drops in housing. …
You may qualify for higher Social Security (SS) payouts and not know it; facts about SS spousal benefits.
Staying at home and raising your children is a great investment in your family and our nation’s future. There is no more important work than molding, encouraging, and loving our young ones. Of course this dedication means one spouse may not have earned as much or any money towards Social…
Solutions for today’s biggest retirement challenges
By: Chris Clow The difficulty that the senior population has in finding an adequate amount of money to fund retirement is an issue that is only growing in scale, and the reverse mortgage industry needs to keep the unique hardships faced by seniors fully in mind when advising them on…
Create family experiences and a legacy with help from a Reverse Mortgage
You have spent a lifetime building your family and creating a safe home for your kids and grand-kids to enjoy together. As your family has grown and gone out into the world they may have separated from you in distance or in closeness but there are things you can do…
7 Tips to spend less and have more fun on a cruise
Taking a vacation on a cruise ship is a wonderful way to relax, disconnect, recharge, and only have to pull out your wallet one time. In fact, a cruise is a great excuse to tell everyone that you won’t have cell phone reception and can’t be bothered. After some vacations,…
CA home prices drop for 1st time in 7 years
Corelogic, the Real Estate Data firm, released a report dated April 26th showing that year over year home prices in California dropped for the first time in 83 months. This home price drop equates to only about $500 or 0.1% in March from last year to this year. According to…
