Consider upgrading to a smaller home or apartment
When looking forward to retirement you may realize that you no longer need the large house your raised your children in. It has been a home and a great investment. Looking forward you may realize it would be better to have a single story home, that you no longer need…
Dramatically increase your Social Security Check
Recent reports in the media have scared some people into feeling like they may never be able to retire. Previous generations saw many retire at age 50 because they had a nice pension and would receive social security payouts as well. Unfortunately today, so many have not properly prepared for…
Americans are ill prepared for # 1 worry in retirement
The Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) recently conducted a survey that showed almost 85% of respondents had the same overall concern in retirement planning; securing a guaranteed income stream. The most popular and easily accessible income stream in retirement is an annuity but, 65% of those…
Reverse Mortgage Financial Assessment brings changes April 27th 2015
With the Financial Assessment date almost upon us, HUD has issued clarification on how this will affect those that don’t complete their counseling before April 27th 2015. In an effort to further protect those with reverse mortgages the financial assessment will use two methods to ensure that borrowers will be…
As Credit/Income Challenged Reverse Mortgage Applicants Rush To Beat FA deadline, It Is Extended
Potential Reverse Mortgage (RM) borrowers have been hurrying to qualify for a RM before the Financial Assessment (FA) takes effect March 2nd, 2015. So many have been trying to get the required FHA counseling sessions that they are currently on a backlog of a week or longer just to get an…
Notice: Senior borrowers behind on Tax and Insurance bills may get $25,000 in help
Those with reverse mortgages rest easy at night knowing they don’t have any house payments to make; but they may still experience hardships that make it difficult to make their property tax or home insurance payments. There is a new program offering additional relief to Reverse Mortgage borrowers. A recent…
Have you planned sufficiently for retirement?
We all know the time for retirement will arrive someday and we may feel that day is so far off…until we realize that day is right around the corner. With the demands of work, marriage, kids, the surprises of life and having fun, preparing for retirement can be put on the…
Breaking News: FHA offers new protections for Spouses that came off title when getting a Reverse Mortgage.
Many times there is a significant difference in what an older spouse and a younger spouse will qualify for on a reverse mortgage; the older a person is, the more money they qualify for on a Reverse Mortgage. What do you do if the older spouse has enough to cover paying…
New Years Resolutions to protect you from Scams
Most New Years Resolutions are made to improve one’s physical health; going to the gym, or eating healthier are at the top of most lists. Here are a few suggestions that will lower your risk of getting scammed in 2015 and beyond. 1. Check your Credit report 3 times a year….
Reverse Mortgage: For multiple reasons, now is the best time. Really, Right Now.
There are several factors that determine how much a homeowner gets on the Reverse Mortgage Program; Borrower Age, Home Value, Interest Rate, and required reserves. Most people are surprised to hear that interest rates have a larger impact on the money available than age does. “The Mortgage Professor,” a.k.a Jack…
