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Considering a new reverse mortgage (RM) or refinancing your current RM? Do it well before 10/2/2017.

It has been said that the only thing constant in life is change.  In my 15 years working with reverse mortgages I can attest that this product has constantly evolved.  Years ago, the hard rule was that only those over 62 could get a reverse mortgage.  This caused many younger…

The Good, the Bad, and the Ugly of HERO home improvement loans

I have some clients that had a broken down A/C unit in their home.  They live in the desert and had to make a decision quickly with Summer fast approaching. They came across the HERO program and found it as an easy way to pay for a brand new system…

Reverse Mortgages used differently by the wealthy

As noted by Steven A. Sass of Boston College Center for Retirement Research: “Retirement planning generally focuses on the use of financial assets.   However, home equity is the largest store of savings for most households entering retirement.”  In fact, the 2010 US Census shows that the average American 65 and…

Don’t go broke in retirement, avoid these mistakes

After all the years you’ve spent building your nest egg for retirement and the hard work you’ve put in, you’ll want to be extra careful in order to avoid spending your money too quickly. In addition, you’ll also want to watch out for tax traps and fraudulent scams that can…

The “Flex Pay” LOC offers a choice of mortgage payments and is safer than a HELOC

FLEX PAY EXPLAINED In a market with rising interest rates a traditional Home Equity Line of Credit (HELOC) can be a scary thought for a retiree living on a set income.  If rates rise, or more money is taken out, then the minimum payment required also rises, which may cut…

Most retirees are missing 82% of net-worth in their retirement plan

Do you imagine retiring to a tropical Caribbean beach living your days with a tropical drink in your hand, but maybe your savings is more in line with living at Motel 6 and bagging groceries the rest of your retirement?  As we are reminded every time we go to the…

Seasoned Americans receive additional tax deductions and credits from the IRS.

Wisdom is not the only benefit of aging, the IRS allows seniors to get some extra tax breaks.  Your taxes are high enough; don’t pay more than you need to. ELIMINATE INCOME TAX ON YOUR HOME SALE The first deduction is actually for all homeowners, but may benefit older Americans…

Low housing inventories creating more cash to take out on reverse mortgages

“Joanne” was at a point in her life when her income was not keeping up with her bills and she realized that she needed to make a change in order to cover her high medical costs.  A friend of hers had done a reverse mortgage with me and had nice…

Strategies that may increase your appraised value

The amount you can access on a reverse mortgage is directly related to your appraisal.  The higher the appraised value, the more money you qualify for on this FHA program.  Here are some suggestions that can pay big dividends to your appraised value and your pocketbook: Provide the appraiser a…