Why you should get a Reverse Mortgage LOC at 62, Especially if you don’t need any money now!
It has been said that compound growth is the most powerful force in the universe. Case in point, if a 16 year old today puts $2,000 away in a ROTH IRA until age 21 and lets it earn 9.4% interest annually (average stock market gain since 1926) this person would retire…
HUD: New protections for owners that came off title for spouse to obtain a reverse mortgage
In the past, some couples facing financial difficulty and the possibility of losing their homes, elected to have the younger spouse removed from title so they could get a reverse mortgage. Often this was because a spouse was under 62, stopping them from getting a reverse mortgage. Other times it…
The Federal Reserve Rate is set to rise for the first time in 9 years, how will it affect you?
Janet Yellen, arguably the most powerful person in the world, has continued to let the world know that the Fed is on track to raise the Federal Funds rate (the rate banks pay on overnight loans) in 2015. Since this rate has not increased for almost 9 years, you might…
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…
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…
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…
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…
Two Thirds of retirees are set to miss IRA deadline and pay Huge Tax Penalties!
With the end of another year fast approaching it would be wise to take some time out of holiday preparations and make sure your financial house is in order. New research by Fidelity shows that as much as Two-Thirds of retired IRA owners are about to be assessed huge fees for…
