Posts Tagged ‘home equity’
Reverse mortgages could be a long-term care option
Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive…
Read MoreNearly One-Fifth of Seniors Don’t Know What a Reverse Mortgage Is
Just under 20% of seniors who responded to a recent survey were unaware 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 through retirement, according to a study on retirement…
Read More9 Reasons To Consider A Reverse Mortgage
Increasing numbers of homeowners around the US are using Reverse Mortgage Loans to boost their income in retirement. With a Reverse Mortgage you could take advantage of your property value now, without having to move or downsize. If you are over 62, this is why you should consider a Reverse Mortgage. 1) A Home Equity…
Read MoreHow Reverse Mortgages Can Save Retirement
One of the biggest assets seniors have is their home, and in some situations those who are facing challenges in retirement may be able to live a bit more comfortably by tapping into their home equity, explains a recent article from U.S. News & World Report. Using a home as a retirement fund is one…
Read MoreSeniors still making mortgage payments should consider HECM
Roughly 60% of homeowners at or approaching the age of 62 continue to make forward mortgage payments,a sizable expense as many people during that phase of life are transitioning out of their jobs and into a fixed-income environment. A reverse mortgage’s elimination of a monthly mortgage payment may provide needed financial relief for these seniors,…
Read MoreReverse mortgages have ‘reemerged’ to help pay for long-term care
Reverse mortgage loan proceeds can be used in a number of ways by borrowers who want to solve an issue with their cash flow. However, it’s becoming more and more common for borrowers to use the proceeds to pay for long-term care (LTC), like a nursing home, according to a recent article published in U.S.…
Read MoreHow Often Can You Refinance a Home Loan? More Than You Might Think
Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is long and enticing. But if you’ve recently refinanced but have seen interest rates drop even further—or start creeping up—you might wonder if you…
Read MoreMotley Fool: Home Equity a ‘Surprising’ Source of Retirement Income
While Americans have a multitude of potential options and avenues they can use to fund their life after completing a career, many Americans — including current seniors — often find themselves unprepared for retirement. This is why it may be necessary to seek out less traditional sources of retirement funding, and one such potential source…
Read MoreForbes: Reverse Mortgages Can Help Seniors Pay Down Debt in Retirement
One often overlooked tactic that seniors can employ when seeking to pay down outstanding debt in retirement is the strategic use of a reverse mortgage loan, one of several options that an older American can use when examining their finances during their post-working years. This is according to contributor Bob Sullivan and editor John Schmidt…
Read MoreHalf of U.S. Households Face Retirement Risk
Based on the recent release of the Federal Reserve’s 2019 Survey of Consumer Finances (SCF), as much as half of today’s current American households are at serious risk of not having enough resources in retirement. Some of these risks can be mitigated with financial products including reverse mortgages, but more action is needed to fix…
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