reverse mortgage birmingham Archives | Page 2 of 7

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…

Now’s a great time for a reverse mortgage In today’s economic climate, clients need financial solutions that make sense. Today’s economic circumstances are taking a toll on retirees. From delaying major purchases and driving less, to cancelling or curtailing travel plans, many are sacrificing to make ends meet. Retirees need solid financial options to help ease…

Seniors want to move on, but ‘stuck’ in home after not qualifying for new mortgage If your income is solely Social Security, it’s tough to qualify for a mortgage of any reasonable size, even at today’s extremely low interest rates. Q: There are thousands of seniors like us who are “stuck” in their homes because…

Retiree gets faulty benefit information directly from Social Security personnel Dear Liz: I’m concerned that you don’t make it clear that in order for a Social Security benefit to grow, a person needs to keep working and earning the same income that they’ve been making. I’ve retired recently and am lucky enough to have a…

How to Plan and Pay for Long term Care With and/or Without Insurance Seniors have been the most vulnerable population during the coronavirus pandemic. They have been especially hit hard by the health impact of the virus, as well as the financial turmoil that the virus has unleashed. But financial security is a concern for…

As Markets Wobble, Will We See a Wave of Reverse Mortgages? Over the past three months, the stock market has been on a roller coaster. Investment portfolios have followed suit, which could be particularly concerning for those who are counting on those funds for retirement. For those close to retirement, a lack of savings may…

Forget what you’ve heard. Here are the new rules for post-pandemic retirement. As the coronavirus pandemic upends the economy, there’s never been a better time to examine the conventional wisdom about retirement By Michelle Singletary Forbes Columnist Your retirement will be unique to you, but it often helps to have some rules of thumb as a guideline.…

Reverse mortgages get second look amid coronavirus chaos. Reverse mortgage originators are fielding higher-than-normal inquiry levels from borrowers and financial advisors. At a time when the stock market is behaving like an oscilloscope and 401(k)s are shrinking away, reverse mortgages have sparked a renewed level of attention as a potential source of stability amid an…

Senior Homeowners can eliminate current mortgage burden. Survey: 77% of homeowners say their mortgage negatively impacts savings. Homeowners across America love their homes, and they’re continuing to spend up for them, even at the cost of saving for retirement, according to a new Bankrate survey. The vast majority of homeowners with a mortgage – 77…

Alternatives to Long-Term Care Insurance Anticipating long-term care needs is an important part of retirement planning, as long-term care can quickly eat into your savings. The average yearly cost of nursing home care in a semi-private room was $90,155 in 2019, according to Genworth Financial, rising to $102,200 for a private room. Long-term care insurance…