Condo not FHA approved? You can get a reverse mortgage now.
Condos can be a nice fit for many retirees; there is no yard to maintain, and there is usually a community pool or recreation center, sometimes the condo even sits on a golf course. Life in a condo can be relaxing and maintenance free. Often times those in condos think…
Women improve finances after major life events
Women are living longer today than the average man. According to the National Vital Statistics system an American woman today will live to the age of 81 years old; over 5 years longer than the average man. As a result of this longer lifespan, may women are learning to take…
Proven solutions to stop growing credit card debt
Americans love affair with revolving debt has resumed since the great recession; the Federal Reserve reported that most of this debt acquired has been from credit cards (CC), which hit the 1.027 Trillion mark in March of 2018. According to Experian credit, the average American now carries a total CC…
Aging in Place? Prepare your home and finances ahead of time
Aging in Place (AIP) is a new name for a traditional concept. Instead of retiring to a new home, or going to a care facility as you get older, thousands of seniors prefer to prepare their own home to be better suited for them to live comfortably, in a familiar…
California home sales fall; now may be the time to apply for a Reverse Mortgage
California has enjoyed a housing boom over the last 9 years, but according to Corelogic– the premier CA-based financial and property analytics firm, the number of homes sold has fizzled over the past year. Sales of new homes, existing homes, and condominiums have dropped by 11.8% from June 2017 to…
Retiring out of state? We are licensed for reverse mortgages in 17 states
Between 2007 and 2016 16 million residents moved out of California; many of whom were seniors retiring to different states. The HECM for purchase program allows seniors to take the equity from their current home sale and purchase a new home with a large down payment. They move in and…
Options that will increase your social security check
American retirees today are less prepared than previous generations. Many retirees believe that you need over $1 Million dollars saved to properly retire. Yet, according to a BankRate survey in 2017 those aged 56 to 61 only have $163,577 set aside for their golden years. This indicates a huge dependence…
HECM Reverse Mortgage fees have dropped
The Home Equity Conversion Mortgage (HECM Reverse Mortgage) program was signed into law by President Reagan in February 1988. Prior to this date, this was a bank run program and they had the power to foreclose on homeowners if they ran out of equity. Unfortunately, some seniors ended up homeless…
Best Savings On Prescription Drugs
As outpatient prescription drugs are not covered by Medicare, those costs can be a severe drain on income in retirement. Some estimates have seniors spending about 3.1% of their annual income, just to cover medications. Erin Fox, who directs the Drug Information Center at the University of Utah explains: “The…
Savvy realtors help more people buy homes using the HECM for purchase
Patti did a HECM (Home Equity Conversion Mortgage) reverse mortgage years ago; it was a great fit and saved her home. She was thinking about moving and called me to go over the details of how that would work. Patti was surprised to hear that she could buy a home…
