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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…

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 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? 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 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…

What Is a Reverse Mortgage, and How Does It Work? Money.com What Is a Reverse Mortgage? A reverse mortgage is a type of home loan for older homeowners. Unlike traditional mortgages, they don’t require homeowners to make monthly payments. Instead, the borrower receives payment from the lender — either monthly, via a line of credit…

How do you pay back a reverse mortgage? At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. A reverse mortgage can make it possible for seniors to remain…

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…

How Does A Reverse Mortgage Calculator Work? If you’re a senior and thinking of tapping into the equity you’ve built up in your home by taking out a reverse mortgage loan, then you likely have a lot of questions, especially if you’re entertaining this idea for the first time. It is only natural, considering that…

Housing Experts: Reverse Mortgages Well Suited to Address Aging in Place Issues The Reverse mortgage program can be a very valuable tool for addressing issues related to aging in place in the United States, as well as circumventing some problems related to the spread of COVID-19 in senior housing and nursing facilities. However, some issues…