What is a Reverse Mortgage?

I pulled this word by word from the AARP handbook. There are also single-purpose reverse mortgage loans offered by states or local governments — these are often designated for paying property taxes or covering home repairs — as well as proprietary reverse mortgages with fees and terms that can vary by lender. Proprietary reverse mortgages…

Reverse mortgages can be a useful tool for seniors, but there are a few things experts say you should know now.While inflation is down from a year ago, it has recently started to creep back upward again. When you throw in high interest rates and declining wage growth, many Americans are feeling the financial burn.…

The thought of running out of money in retirement keeps plenty of Americans awake at night. In a survey of financial planners by the Financial Planning Association and the Journal of Financial Planning, over 47 % of respondents rated running out of money as their clients’ greatest retirement fear, with another 22% saying it was…

Reverse mortgage lenders are ready for lower interest rates Lower rates benefit seniors on a fixed income By Chris Clow Federal Reserve lowering its benchmark interest rate by 50 basis points (bps) to a range of 4.75% to 5% will have wider economic ramifications in the government’s ongoing efforts to fight inflation, there are expected benefits to the reverse mortgage…

Reverse Mortgage Process Everyone could use some extra cash, especially in retirement years. And while options for generating additional retirement income once seemed limited, reverse mortgages have provided today’s seniors with access to another source of wealth—their home equity. Designed for homeowners ages 62 and older, a Home Equity Conversion Mortgage (HECM)—also known as a Reverse…

Forget the 4% Rule? Here’s What You Should Really Be Looking at During Retirement. Everyone’s retirement is different, but we all have a common goal: ensuring our retirement savings last long enough. The 4% rule is arguably the go-to guideline for determining how quickly you can spend your savings. It states that a retiree can…

5 Ways Retirees Can Prepare for a Recession…in Reverse If there’s one thing that can upend retirement plans it’s a recession which an increasing consensus of economists are predicting for the US economy. Indicators like a weakening labor market, stubbornly high inflation, and declining manufacturing activity all point to a potential economic slowdown. So, how…

Reverse Mortgage rate have come down a ½ point. Mortgage company rate speculators try to “get ahead”. This is not the quarter point we have been waiting for since early 2022. Instead, the rate has gone up for 19 months in a row. I am 50/50 if they will cut it, but if they do it will…

Mortgage Rates Forecast For 2024: Experts Predict How Much Rates Will Drop Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. Mortgage rates have finally settled into a downward groove—at least for now. The average 30-year fixed mortgage rate declined significantly in August…