Reverse Mortgages and Divorce
Reverse Mortgages Help Curb Retirement Risk for Divorced Women Reverse mortgages have been increasingly pitched as a way to stave off the effects of so-called “gray divorce,” and a new research brief shows just how a split can put both parties’ retirement futures at risk — and how home equity benefits one demographic in particular.…
Read MoreFlexible Financial Tool for Alabama Retirees: Reverse Mortgages
Flexible Financial Tool for Alabama Retirees: Reverse Mortgages. The home isn’t just a place of memories—it is also their single largest financial asset. As living costs rise and traditional retirement portfolios face market volatility, finding reliable retirement income solutions has become a top priority for aging homeowners. Fortunately, the modern Home Equity Conversion Mortgage (HECM)—commonly…
Read MoreReverse Mortgage-What is it?
Reverse Mortgage-What is it? Reverse Mortgage-What is it? Just under 20% of seniors who responded to a recent survey were aware of reverse mortgages — despite showing an overwhelming desire to stay in their homes and potentially make renovations into old age. Among homeowners aged 60 to 70, 44% said they would keep a mortgage…
Read MoreReverse mortgage. Very useful and very misunderstood
Reverse mortgage. Very useful and very misunderstood It’s very important to dispel one common misconception about the reverse mortgage. When the borrower takes out a reverse mortgage, he or she does not give up ownership of the home. As the Consumer Financial Protection Bureau points out, the borrower keeps ownership just like all other common…
Read MoreReverse Mortgage Uses
Reverse Mortgage Uses Reverse Mortgage Uses. A HECM Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them: Pay off your forward mortgage to reduce your monthly expenses. Re-model your home to accommodate aging limitations. Maintain a line of credit (that grows) for health…
Read MoreReverse Mortgage Use
The HECM Reverse Mortgage has many ways people use it today. Consumer Eliminate current mortgage and payment. Eliminate HELOC that is due and payable in 10 years Use for medical expenses or in-home care Update or make repairs on your home Bankers I can help when a retiree comes in with a HELOC that needs…
Read MoreReverse Mortgage to pay for long-term care
Should you use a reverse mortgage to pay for long-term care? Someone turning 65 has nearly a 7-in-10 chance of needing long-term care in the future, according to the Department of Health and Human Services, and many don’t have the savings to manage the cost of assisted living. But they may have a mortgage-free home…
Read Morereverse mortgage to delay Social Security
Should you use a reverse mortgage to delay taking Social Security? Robert Powell, Special for USA TODAY. Financial advisers often suggest that you delay taking Social Security until full or normal retirement age (FRA) if not later — to age 70. And the reasons are many: You’ll get 100% of your primary insurance amount (PIA)…
Read MoreReverse Mortgage Tax Resources
Two More Key Reverse Mortgage Tax Resources The jury’s still out on how tax reform could affect reverse mortgage borrowers — and the prevailing consensus could simply be that each homeowner’s mileage may vary based on his or her specific circumstances. But for an even deeper dive into the implications of the 2017 Tax Cuts…
Read MoreReverse Mortgage tax law
What the New Tax Law Means for Reverse Mortgage Borrowers American taxpayers and accountants are still sorting out the effects of the wide-reaching Republican-led tax overhaul, and the ramifications could be severe for reverse mortgage borrowers — or nonexistent, depending on who you ask. One key problem could potentially arise from new rules regarding the…
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