What is a Reverse mortgage With the average monthly Social Security check a scant $1,693.88 in 2023, many seniors struggle to find ways to survive in the face of rising inflation. In an effort to increase their incomes and remain in their homes, some turn to tapping the equity they’ve accrued in those homes, via a special form […]
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 […]
Stocks Could Struggle In The Days Ahead
Wharton professor Jeremy Siegel warns the recession threat is growing – and stocks could struggle in the days ahead. Jeremy Siegel sees a rising risk of recession and a downbeat outlook for stocks. The retired Wharton finance professor expects the Fed to cut interest rates later this year. The US central bank may be underestimating […]
When a reverse mortgage makes sense
Financial planner: when a reverse mortgage makes sense for a borrower “For a retiree who has a mortgage on their home, if the payment puts a squeeze on money that’s available for other living expenses, a reverse mortgage might relieve the pressure and makes sense.” she writes. “Depending on the homeowner’s age and the home’s […]
Who’s Ready for a 24% Cut to Social Security Benefits?
Who’s Ready for a 24% Cut to Social Security Benefits? Without significant changes, big benefit cuts await seniors in 15 years. The Social Security program has been providing a financial foundation for our nation’s retired workforce for more than 80 years. Of today’s nearly 65 million beneficiaries, 46 million of them are retirees, many of […]
Reverse Mortgages Get A New Look in Covid Times
Reverse Mortgages Get A New Look in Covid Times by Financial Advisor. F.A. Online. The reverse mortgage market got some new respect earlier this year. When it looked like Covid-19 might wreck the retirement plans of older Americans, some turned to these mortgages to tap a new source money. Home equity conversion mortgages (aka, reverse mortgages) […]
Home Equity In Your Retirement Plan
How To Include Home Equity In Your Retirement Plan With The Bucketing Approach Do you have a vacation fund? A pizza party jar at work or home? A bank account reserved for a new house? People set aside money for certain goals or expenses, sometimes even dedicating a specific bank account or credit card for […]
Life Without Retirement Savings
Life Without Retirement Savings Recently, The Atlantic published a tremendously powerful article by Alana Semuels entitled This Is What Life Without Retirement Savings Looks Like, which is well worth reading for anyone who is hedging their bets on the question of whether to save for retirement at all or whether to save more for retirement. It opens with the story […]
Social Security, 70 is the New 65
When It Comes to Social Security, 70 is the New 65 If you’re reading this story, you’re likely at least 50 years young. Yes, young — and I don’t mean it in the cutesy way that people sometimes talk about aging. I mean it in that living well into your 80s and beyond is no […]
Retirees and Household Debt
Retirees and Household Debt Household debt among retired people has increased in recent years, according to data from Next Avenue. Around 60% of 65+ households carried debt in 2016, up markedly from about 42% in 1992. Credit card debt and student loans have increased as well. One of the most stressful debt type for older […]
