professionals FAQ Archives | Reverse Mortgage Alabama

“This IS a Reverse Mortgage Customer!” Maria is 62 years old and still owes $125,000 on her $500,000 home. She has a good job and intends to work for another 6 years, retiring at age 68. She has no problem making her $1,200/month P&I payment on her current mortgage (with a 5% interest rate), BUT she…

3 ways seniors can supplement their Social Security now. Moneywatch There are multiple ways to supplement Social Security income that seniors may want to investigate right now. Recent news that Social Security’s insolvency could hit a year earlier than initially expected wasn’t exactly welcome by seniors reliant upon the funds the service provides. Combined with…

If you’re planning your own retirement, you probably have a retirement savings goal in mind. Americans believe the “magic number” they need to retire comfortably is $1.26 million, according to a survey by Northwestern Mutual. Comparing your number with the actual net worth of retirement age American seniors should give you an idea of how…

How Tariffs Could Impact Economic Growth Fed Official Revises Interest Rate Cut Forecast for 2025 Inflation remains the key factor influencing interest rate decisions. The Federal Reserve consistently emphasizes its dual mandate when making interest rate decisions. Established in 1977, this mandate requires the Fed to: Promote maximum employment Maintain stable prices and moderate long-term…

Mortgage rates fall again as economy cools further Mortgage Rates fall for home loans for the sixth straight week as concerns about the economy buffeted financial markets. In the week ending March 6, 30-year fixed-rate mortgages averaged 6.63%, Freddie Mac announced Thursday. That’s down from 6.76% last week, and marked the biggest weekly decline since…

Why more retirement age Americans keep working I have wondering for years how are fixed income seniors making it. From my 18 years in the Reverse Mortgage business before Covid; I kknow how much of all monthly income. I know many have went back to work to survive. In recent years, a growing number of Americans…

Here Come the HELOCs: Mortgages, the Burden of Housing Debt, Serious Delinquencies, and Foreclosures in Q3 2024 HELOC balances surged, mortgages not so much, and incomes grew a lot faster than housing debt.by Wolf Richter Mortgage balances rose by just $71 billion, or by 0.57% in Q3 from Q2, the smallest percentage increase since the…

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…

BlackRock’s Larry Fink sees Social Security crisis, says 65 retirement age ‘a bit crazy’ KEY POINTS In his annual letter to shareholders, Fink called the decreasing ability to retire in a financially sound way one of the biggest economic challenges of the mid-21st century. “Today in America, the retirement message that the government and companies…

Birmingham and Huntsville Alabama Reverse Mortgage information

Reverse mortgages explained As long as there have been homes for sale, there have been financial vehicles designed to alleviate some of the financial pressures associated with owning a home. A reverse mortgage is another way homeowners can borrow money based on the value of their homes, but it doesn’t need to be repaid as…