6 smart ways to tackle debt in retirement If you’re struggling to pay off high-interest debt in retirement, the following strategies may be worth considering: Retirement is a time to savor the fruits of your labor, but if you’re facing looming debt, it can cast a shadow on your golden years. And, if that debt comes […]
Self-Insureing for Future Long Term Care
Self-Insureing for Future Long Term Care A recent column, “Should Federal Employees Self-Insure for Their Future Long Term Care,” discussed why some federal employees and retirees may want to consider self-insuring for their future long term care (LTC) costs. Some suggestions for self-insuring were made including an employee’s setting aside a portion of their Thrift […]
Running out of retirement money
Scarier than death? Running out of retirement money Old age is the trickiest part of life to navigate financially, with its unpredictable care expenses and unknowable longevity. It’s also the point at which cognitive decline can scupper even the savviest financial plan. Why it matters: A recent American Economic Association paper surveyed Americans in or […]
US foreclosure filings
US foreclosure filings jump 22%, and repossessions hit highest level in 3 years. Luxury single-family homes in the top 20 US markets and with modest footprints between 2,500 and 3,500 square feet sold 18.6% faster between April and August 2022 than big homes between 4,500 and 5,000 square feet, according to a report by Coldwell […]
Denied Mortgage Loans
Data shows older adults more likely to be denied mortgage loans Older people are denied mortgages loans at a higher rate while younger borrowers have higher HECM rejection rates: NYT Older adults tend to have higher credit ratings than any other age group in the nation. However, older Americans are also more likely to be […]
Americans are falling deeper in debt
Nearly half of all Americans are falling deeper in debt as inflation continues to boost costs KEY POINTS With inflation hitting a 40-year high in June, Americans are struggling to keep up with rising prices and putting less money aside for emergencies or long-term financial goals, several studies show. Americans’ overall satisfaction with their financial […]
Financial Assessment
How Financial Assessment Made Reverse Mortgages Safer This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product. If a potential borrower can swallow such an absurdity he need not be concerned about who this financial assessment (FA) is making the product safer for! The FHA wants […]
How Reverse Mortgages Finally Became Safe
How Reverse Mortgages Finally Became Safe The decision to take out a Home Equity Conversion Mortgage is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren’t right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. FEDERAL GUARANTEE. One of […]
Reverse Mortgages Explained?
Reverse Mortgages Explained? A reverse mortgage can be a helpful type of home loan for retirees looking to tap into their home equity and cover their day-to-day costs during retirement. Q: My wife and I recently retired and are finally getting around to some much-needed home renovations. We don’t want to drain our retirement fund […]
Social Security benefits
Social Security Recipients Could Get a Massive 11% Raise Next Year Surging inflation could lead to the biggest boost to monthly Social Security benefits since 1981. The 2023 Social Security cost-of-living adjustment, or COLA, would be 10.8% if inflation continues at its current pace, according to a new prediction from the non-profit Committee for a […]
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