Reverse Mortgage Purchase rules are a bit different, but your loan is easier and safer
Whether you are already retired or looking forward to retirement there are many reasons it makes sense to relocate; to move closer to the grand-kids, to change to a single story home, to change to a low maintenance home, to have more equity in order to qualify for a Reverse…
New Solutions for those that could not do a Reverse Mortgage previously
Over the years I have come across multiple clients that would like to do a Reverse Mortgage but for one reason or another they cannot. This can be quite frustrating for someone that thinks they have found a safe solution to the challenge of having a mortgage payment in retirement. There are ways…
Harvard study: Baby Boomers hardest hit by Great Recession. Solutions for improving retirement picture.
As we have recently blogged about, baby boomers are limping towards retirement with significant debt; much more so than their parents. Not all of it is their fault. During the Great Recession, on average, those 50 to 64 years old lost 32% of their net wealth. During this same period,…
Redfin Market report: Sellers dropping prices. Now a buyers market.
According to Redfin’s July 2014 Housing Tracker report more and more sellers will drop their prices this fall to attract buyers. Redfin agent Adam Welling tells Redfin. “When a buyer sees a price drop, she takes it as ‘blood in the water’ and wonders what’s wrong with the house (or the…
Biggest Fee on RM can now be cut by 80%
Probably the biggest concern people have over doing a Reverse Mortgage are the high initial costs. This is a valid concern, but there are protections that a RM offers that a standard loan does not. Let me explain, the biggest cost to do a RM is the IMIP or Initial…
NEW Reverse Mortgage for High Value Homes
The Reverse Mortgage market has mostly had the standard HECM Reverse Mortgage option for the last 4 years. This has created a void for homeowners with homes between $625,000 and $2 Million. Until now. Urban Financial has recently created a flexible Jumbo product for this group. The Max payout on the HECM loan is just…
Need Cash to fix up your home that you want to sell? Use a Reverse Mortgage as a Bridge
I always tell my clients, a Reverse Mortgage is a tool that will work well for some situations and will not work for other situations. The important thing is to be aware of how it works so one can understand all of its applications. One such use would be as…
Financial Advisor Magazine: Baby Boomers financial needs are different than their parents
The only constant in life is change. The cultural and savings habits of the World War 2 Generation and the Baby Boomer Generation is substantial. The typical WW2 retiree has spent a lifetime saving for retirement, has a pension from the company they worked for for 40 years and pays off…
Top Social Security Myths That May Cost You
Social Security is a major part of most Baby Boomers retirement strategy, but there are major misconceptions that can cost you, if you believe them. Do you know how many years of your income Social Security is based on? If you work after receiving Social Security checks, does it affect your payouts?…
The biggest threat to the financial security of retirees.
With more and more baby boomers reaching retirement age, there is a looming threat to your financial security that is largely unprepared for. In fact, 75-80% of retirees have no plan to even prepare for long term health costs. There are 2 main reasons only 25% of mature citizens have prepared…
