Did you know that it’s possible to buy a new home without having to make Principal and Interest mortgage payments every month? With a Home Equity Conversion Mortgage (HECM), seniors can roll two goals, into just one transaction, getting a reverse mortgage and buying a new house, who knew?!!  Let’s take a look at how it works. First, What’s a HECM? A HECM is a type of government-insured reverse mortgage that allows homeowners age 62 or over, access the equity in their homes. Unlike a traditional mortgage, the borrower receives a portion of their equity from a lender which is converted into ..read more

For most retirees, a financial planner is a necessity for figuring out how to comfortably live on their savings after they quit working. But often, there are times when even financial planners need to turn to professionals like us for help to ensure their clients are able to live comfortably in their retirement. The most common reasons a Financial Planner/Advisor contacts us are: Their clients are withdrawing from their investment too soon due to rising cost of living.  Their clients started saving too late, and don’t have enough funds to live on.  Their clients want to upgrade thei ..read more

Even with decades of preparation, retirement can leave anyone feeling as if they are not ready. There are several tools, including reverse mortgages, that can help to mitigate the risks that come with retirement. Learning more about reverse mortgages, how they can prove beneficial, and what they can be used for, can help give you peace of mind. Here are how reverse mortgages can help with retirement. What is a Reverse Mortgage? A reverse mortgage is similar to a traditional mortgage in that it lets homeowners borrow money by using their home as the security for that loan. Just like a tradition ..read more

Many seniors in America have a justified fear of outliving their savings, and these anxieties have only grown more fierce as inflation has steadily increased in recent years. Between March and April of this year alone, the consumer price index increased 0.8%, but it was even more startling that it jumped over 4% from last year. A surge like that hasn’t occurred in nearly 14 years. This can be frightening to those living on a fixed income, such as retirees. After all, there are only so many methods for preserving purchasing power. But, financial experts say that reverse mortgages once thought o ..read more

It doesn’t matter what word you use to describe today’s economy… the fact is, money has gotten tight for many seniors. Almost every client who calls in right now is feeling the pinch, whether it’s in the cost of groceries, gas, utilities or all the other things in our life which suddenly cost more. If you have a job or business, you have the option to work harder, charge more or get another job to help when times like these arise. However, for seniors living on a fixed income or retirement accounts, these increased costs have a significant impact. And that’s why more and more people are askin ..read more

For years, reverse mortgages have not had the best reputation. It’s understandable, given that the early days of reverse mortgages left many believing that the only people who could benefit from them were seniors struggling with their finances. However, times have changed, and reverse mortgages are now a valuable tool. Reverse mortgages can be an excellent way for seniors to supplement their retirement income. A reverse mortgage can provide a way for retired seniors to stay in their homes while still having access to extra cash when needed. Additionally, reverse mortgages are backed by the go ..read more

For retired seniors, the process of buying a new home can seem overwhelming, even if they’ve done it once or twice before. The priorities change in lenders’ eyes, and retirees may find themselves having more difficulty getting approved because their income isn’t high enough for them. They often face challenges when trying to buy a home again after years away from the market, but there are solutions! To help, here are some tips on how you can help retirees find their dream home, land a great mortgage, and still have plenty left in the bank for whatever surprises life delivers. Tip #1: Find the ..read more

There’s a lot of talk about reverse mortgages and for good reason. They can be powerful tools for seniors looking to access their home equity in retirement. According to an article published by Nasdaq, financial advisors believe that seniors can also prepare for their future with reverse mortgages. But it’s important to understand how reverse mortgages work and how they can be used as investment tools, not just sources of extra income. Let’s find out how. How Reverse Mortgages Have Worked In The Past   Reverse mortgages have been around for 60 years. But they have gotten a negative reput ..read more

The decade before retirement can matter more to retirement success than any other time. With good planning, there is still time for seniors to accumulate money for retirement, especially for those who started saving later in life. Here are some steps to help seniors get their affairs in order to plan a comfortable retirement: 1. Plan out life and figure out needs accordingly. After seniors stop working, it is essential to understand life in the present for a successful savings plan. Having a clear vision about day-to-day life, even down to the activities you want to do every year (like travel ..read more

Most seniors have heard about reverse mortgages and their benefits. But did you know that a Reverse Mortgage can also be a powerful financial tool for buying a new home? Traditional reverse mortgages have grown popular over the past several years, but there is a specific kind of reverse mortgage that has gained popularity recently: The Home Equity Conversion Mortgage (HECM) for Purchase. While it’s nothing new to the Real Estate world, you might be surprised to learn that it has become an increasingly popular choice for seniors recently. If you have clients with questions like, “What is an HE ..read more