Purchasing a home is one of the best investments you can make, and as the value of your home increases, you can use that growing wealth without having to sell the home. Two popular options for accessing that equity are a reverse mortgage and a Home Equity Line of Credit (HELOC). But which one is right for you? In this article, we explore these two products, how they work, and scenarios in which one may be a better choice than the other. Reverse Mortgage Basics A reverse mortgage is a type of loan that differs significantly from a traditional mortgage.  A Home Equity Conversion Mortgage (H ..read more

One of the most attractive features of a reverse mortgage loan is that it does not require monthly mortgage payments to pay it back. This can help free up a significant amount of cash for retirees who may be struggling to make ends meet.   But a reverse mortgage is a loan, which means it will need to be paid back at some point. If you are exploring reverse mortgages, it’s important to understand how this aspect of them works.   In this article, we’ll explore the intricacies of reverse mortgages, pinpointing when repayment is required, and explore the various options availab ..read more

Navigating the landscape of financial options in retirement can be complex, and one of the most discussed yet misunderstood options is the reverse mortgage.   This unique financial product allows older homeowners to convert part of their home equity into cash, providing financial relief without the obligation of monthly mortgage payments.   However, like any significant financial decision, understanding the intricacies of reverse mortgages is crucial.   This guide explores the pros and cons of reverse mortgages, offering clear insights to help you determine whethe ..read more

Inheriting a house can be an amazing gift, but it can also come with complications. On the one hand, you have acquired an asset that can provide financial stability for you and your family. On the other hand, you may also inherit any outstanding debts or mortgages associated with the property. If you inherited a house with a reverse mortgage or if you expect to inherit a house that has a reverse mortgage, you may be wondering what this means for you and your financial future. Will you be able to keep the house? Will you be responsible for paying off the reverse mortgage loan? In this article ..read more

While inflation has reportedly fallen compared to where it was in 2022, Americans are still spending significantly more on everyday expenses than they were in 2019.   Two years ago, Americans spent about $1,000 less per month on food, shelter, and energy costs than they are today, according to calculations by Fox Business.   If you are still in your working years, you can offset costs by working additional hours, asking for a raise, or starting a side hustle. But those strategies may be less doable if you are in your retirement years.  We talked to several experts to g ..read more

Saving for retirement is a prominent concern for many Americans for a multitude of reasons, including high inflation rates, which can impact monthly budgets and the overall cost of utilities. In your golden years, retirees shouldn’t have to worry about taxes impacting the retirement income they worked their entire lives to earn.  Fortunately, there are several states that don’t treat retirement income, including pension payouts, 401k distributions, and IRA payments, as taxable income. Here’s what you need to know.  Which States Don’t Tax Retirement Income?  It is important to no ..read more

Applying for a reverse mortgage can be a complex process. That’s why one of our goals at Mutual of Omaha Mortgage is to make the reverse mortgage application process as painless as possible. If you are interested in moving forward with a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, here is an overview of what you can expect. Step 1: Talk to a Reverse Mortgage Advisor  The first thing we recommend doing if you are ready to apply for a reverse mortgage is to talk to one of our reverse mortgage loan advisors. They will assess your specific circumstances and ..read more

A reverse mortgage is a unique financial tool that allows older homeowners access to cash without adding another monthly payment to the budget. However, not just anyone can take out a reverse mortgage. There are very specific requirements that need to be met to qualify.   Navigating the complexities of reverse mortgages can be challenging for many homeowners. Primarily designed to aid those in or nearing retirement, reverse mortgages offer a unique financial solution, allowing homeowners to tap into their home equity while continuing to live in their homes.   Homeowners can ..read more

Homeowners who are near or in retirement often find themselves in need of additional funds. Whether they’re looking to increase their monthly income, cover a large project such as a home renovation, or have a line of credit they can draw from in case of emergency, accessing extra cash can be a challenge.  It’s not uncommon for older homeowners to have a large amount of their net worth tied up in the equity in their home.     This money can be accessed through products such as a Home Equity Loan or Home Equity Line of Credit (HELOC), but both options will need to be pai ..read more

Social Security fraud — where scam artists often pose as Social Security Administration (SSA) representatives — represents a growing threat. Scammers often ask older adults to confirm their SSA account details, before finding ways to access and steal hard-earned money. Financial volatility can affect older adults in particularly negative ways. Inflation can reduce savings, further stressing your budget as you prepare to retire. The last thing you need is financial difficulty from a Social Security scammer. What Are the Common Types of Social Security Scams? Social Security scammers are devious ..read more