Should You Pay Off A Traditional Mortgage With A Reverse Mortgage?
Recently released data shows that senior-held mortgage debt has reached a record high of $2.3 trillion. Some are using reverse mortgages to eliminate this debt, but it’s still a very low amount. So, when is this a good strategy? 1.) They’re living in a house they can’t afford When many older adults reach retirement, they have […]
A Comparison: Reverse Mortgage vs HELOC vs Downsizing
Home equity accounts for approximately 70% of a senior’s assets, not including social security or pension. Often times tapping into this equity becomes inevitable when facing health crisis or financial restrictions in retirement. Using home equity should be part of a larger financial plan and there are a few ways it can be incorporated. Reverse […]
Debunking 5 Common Reverse Mortgage Myths
Reverse mortgages have made a serious comeback in the past several years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount […]
Find Out If Your Home Is HUD Eligible For A Reverse Mortgage
Reverse Mortgages are a specialized loan available to seniors 62 and over. This creative resource is used by a wide demographic – from those looking to supplement a fixed income, to the more affluent in need of protection for retirement assets, and even those wanting to purchase a home in retirement. But there are some requirements when it comes […]
What To Know About The Reverse Mortgage Line of Credit (HECM-LOC)
A reverse mortgage line of credit is a financial product designed for homeowners who are at least 62 years old and have significant equity in their homes. It allows them to access a portion of their home’s value without having to sell the property or make monthly mortgage payments. Here’s how a reverse mortgage line of credit […]
Reverse Mortgage Line Of Credit Explained
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Financial Planners: Are You Discussing Reverse Mortgages With Your Clients?
When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long not part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgage […]
Are Reverse Mortgages An Under Utilized Resource?
Two or three decades ago, the idea that an elderly couple or individual could live comfortably in their home far beyond retirement was practically unheard of. Preparing for aging meant retirement homes, assisted living, or moving in with adult children. Now today people are living longer and healthier lives than ever, but on the flip-side, they are […]
FHA Backed Reverse Mortgages Offer Protection For Heirs
If you’ve taken the time to learn even a little bit about a reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times. But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage. These loans are typically insured by the […]
A Look At How Reverse Mortgages Have Evolved
Since the reverse mortgage industry saw big changes in 2015 then again in 2017, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before. In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of these newly […]
What’s So Great About a Reverse Mortgage Line of Credit?
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Here’s Where To Start If You’re Considering A Reverse Mortgage
Every month thousands of Americans make a decision to obtain a reverse mortgage, but where do they start? Here are my suggestions to begin the reverse mortgage process, as well as an outline of what to expect. Research: Begin by researching reverse mortgages to understand how they work, their benefits, and potential drawbacks. Educate yourself […]
Looking For A Reverse Mortgage Professional? Here’s Some Differences
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
Everything You Need To Know About The Reverse Mortgage Line of Credit
A reverse mortgage line of credit is a financial product designed for homeowners who are at least 62 years old and have significant equity in their homes. It allows them to access a portion of their home’s value without having to sell the property or make monthly mortgage payments. Here’s how a reverse mortgage line […]
Senior Home Equity Falls – What It Means For Reverse Mortgages
For the first time in 12 years, senior home equity has fallen, according to the Reverse Mortgage Lenders Association (NRMLA). The decline in home equity has resulted in the collective senior housing wealth sliding from a peak of $12.42 trillion in 2022 Q3 to $12.39 trillion in Q4. According to NRMLA, the dip in equity […]
Use a Reverse Mortgage to Eliminate Your Traditional Mortgage
It’s not uncommon that I get questions about why a senior may want to use a reverse mortgage to pay off an existing conventional mortgage loan. This scenario would vary from person to person, but in the long run, if the equity in the home can eliminate a mortgage payment without acquiring another loan payment, […]
Understanding The Reverse Mortgage Maturity Event
For many who have had a conventional mortgage on their home, they are familiar with the “maturity date”. But with a reverse mortgage, there is no maturity date, only a “maturity event”. So, what’s the difference? A maturity date indicates the date which the borrower will make the final payment on the loan, including principal and […]
A Guide To Different Reverse Mortgage Professionals
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
Reverse Mortgage Line of Credit: What You Need To Know
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
What Does It Mean When A Reverse Mortgage Is FHA Insured?
If you’ve taken the time to learn even a little bit about a reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times. But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage. These loans are typically insured by the […]
How A Reverse Mortgage Can Provide Financial Security
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning […]
Is Your Financial Planner Talking To You About Reverse Mortgages?
When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long not part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgage […]
Reverse Mortgage Line Of Credit Underutilized Retirement Tool
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Interest Rates And Your Reverse Mortgage
Interest rates have been at historic lows for years. This has afforded thousands of Americans to the ability to secure home loans for their dream house. It’s also worked in favor for those who have made the decision to tap in their home equity using a reverse mortgage. But interest rates affect a conventional loan […]
Getting A Reverse Mortgage As A Married Couple
If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect it could have on either spouse once the other passes away, and feel confident any appropriate protections are in place. What Married Couples Need to Know When applying for a reverse mortgage the amount of money you can […]
Reverse Mortgage vs HELOC vs Downsizing
Home equity accounts for approximately 70% of a senior’s assets, not including social security or pension. Often times tapping into this equity becomes inevitable when facing health crisis or financial restrictions in retirement. Using home equity should be part of a larger financial plan and there are a few ways it can be incorporated. Reverse […]
5 Reverse Mortgage Myths That Need To Go Away
Reverse mortgages have made a serious comeback in the past several years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount […]
Why The Reverse Mortgage Line Of Credit Is So Unique
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Reverse Mortgage Counseling: What To Expect
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
How Reverse Mortgage Perception Has Shifted And What It Means For Borrowers
Since the reverse mortgage industry saw big changes in 2015 then again in 2017, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before. In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of these newly […]
Yes, Married Couple CAN Get A Reverse Mortgage
It’s not uncommon to hear heartbreaking stories of reverse mortgages that left a spouse in dire straits after the other spouse passed away. How could this happen? Is it something that you need to worry about? If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect […]
The Reverse Mortgage Solution To Divorce Disputes
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
What You Need To Know About Reverse Mortgage Appraisals in Colorado
Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender. Part of what determines the amount of funding available from a reverse mortgage is the […]
Breaking Down The Costs Of A Reverse Mortgage In Colorado
Over the years reverse mortgages have shifted from being a choice of last resort to a creative and effective retirement planning tool. But still many who do not fully understand how reverse mortgages function will immediately bring up the perceived high cost of originating the loan. When all costs and variable options are considered, the opposite is true. Reverse […]
Social Security Is On Track To See The Highest Increase In 40 Years
The Social Security Administration is responding to the highest inflation rates in 40 years with what’s expected to be the biggest cost-of-living raise in decades. According to Fortune: Social Security checks increased by 5.9% this year relative to last, one of the biggest boosts retirees had seen in some time. And with inflation still sky-high […]
How A Reverse Mortgage Can Help With Divorce
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
The Reverse Mortgage Line Of Credit HECM-LOC Is Highly Unique And Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Here’s How To Find A Reputable Reverse Mortgage Lender In Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
Find A Reputable Reverse Mortgage Lender In Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
The Reverse Mortgage Appraisal Explained
Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender. Part of what determines the amount of funding available from a reverse mortgage is the appraised […]
Why Reverse Mortgages Are Under Utilized
Two or three decades ago, the idea that an elderly couple or individual could live comfortably in their home far beyond retirement was practically unheard of. Preparing for aging meant retirement homes, assisted living, or moving in with adult children. Now today people are living longer and healthier lives than ever, but on the flip-side, they are […]
Increased Reverse Mortgage Lending Limits For 2022
The Federal Housing Administration (FHA) has announced that the lending limit for FHA insured HECM Reverse Mortgages will be increasing for the sixth year in a row. Beginning on January 1, 2022, the lending limit for FHA government-insured reverse mortgages will be $970,800, marking an increase of nearly $150,000 from the lending limit HUD set […]
Changes to Social Security in 2022 for Coloradans
As society and the economy continues to shift in the wake of the pandemic, seniors in Colorado and beyond continue to be one of the most impacted demographics between health and finances. Good news is the Social Security Administration is keeping up. Next year, those receiving Social Security will see the largest cost of living […]
If I Get A Reverse Mortgage, What Happens When I Die?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Reverse Mortgages As A Financial Strategy In Retirement
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds available from these FHA insured […]
As Senior Housing Wealth Reaches New High, Is It Time To Consider A Reverse Mortgage?
Older homeowners continue to break home equity records as home values appreciate across the nation. In the first quarter of 2021 homeowners 62 and older saw their housing wealth grow by 3.4 percent or $305 billion from Q4 2020. That brought senior housing wealth to a record-breaking $9.23 trillion in the first quarter of the year, […]
Is Paying Off A Traditional Mortgage With A Reverse Mortgage A Good Idea?
A recently released university report by the Michigan Retirement Research Center and funded by the Social Security Administration showed that 55% of those utilizing a reverse mortgage are using some of the proceeds to pay off a traditional mortgage. So, when is this a good strategy? 1.) They’re living in a house they can’t afford When […]
Should You Refinance Your Reverse Mortgage?
Reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning. But refinance a reverse mortgage? It’s not something you hear about often, or maybe you don’t even realize it’s an option. And why would someone […]
Delaying Social Security With Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
CNBC: Fighting Inflation With A Reverse Mortgage
Recently CNBC published an article about how reverse mortgages can help protect retirees from the unknowns of inflation. From the article: “Reverse mortgages — also known as home equity conversion mortgages, or HECMs — offer seniors aged 62 or older the chance to borrow money from their home’s equity. These fixed- or variable-rate loans are […]
Considering A Reverse Mortgage? Know Who You Are Working With
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
What Do Retirees REALLY Want In Regard To Housing?
If you find yourself yearning for a retirement of comfort in your own home in a community you love, you are definitely not alone. Here are some pretty telling facts and statistics surrounding the desires of older adults in the U.S.. According to research by the American Association of Retired Persons (AARP): Nearly 90 percent of […]
5 Things You Need To Know About Reverse Mortgages In Colorado
Reverse mortgages have made a serious comeback in the past couple years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount of […]
Is Refinancing A Reverse Mortgage Right For You?
Reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning. But refinance a reverse mortgage? It’s not something you hear about often, or maybe you don’t even realize it’s an option. And why would someone […]
Yes, You Can Get A Reverse Mortgage On A Condo In Colorado
For most of the time reverse mortgages have been around they were not available on condos and many people still believe this to be true. But that changed in 2019. Previously most condos could not obtain HECM Reverse Mortgage loans because they required approval of the entire building, which included multiple units. The 2019 change […]
Should You Use Home Equity In Retirement?
Did you know home equity can be used to reduce the overall risk of your retirement plan? Your house is a great asset that for many years has been overlooked in financial planning for seniors. This is making a sharp turn lately as retirement experts are beginning to understand how tapping into home equity via a reverse […]
What You Need To Know About Reverse Mortgage Counseling in Colorado
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
Breaking Down The 7 Top Reverse Mortgage Myths In Colorado
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life in America after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved counseling to ensure […]
Delaying Social Security Benefits With A Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
The Reverse Mortgage Line Of Credit Is Highly Unique And Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
The Reverse Mortgage Line Of Credit Is Increasing In Popularity – Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
How Reverse Mortgages Can Alleviate Divorce Arguments Over Assets
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
USA Today: Retirement In The Time Of Coronavirus
For most people, achieving a comfortable retirement is a tricky business. The past few weeks have added to the challenges as the world has changed as much as in any period since WWII. The world is now fighting the coronavirus pandemic. COVID-19, as well as the measures taken to slow the spread of the disease, […]
What’s Older Americans Need To Know About Coronavirus Stimulus Checks
As part of the coronavirus relief program (CARES Act), millions of Americans are already receiving stimulus funds, and millions will continue to do get them over the coming weeks. The amount an individual will receive depends on their marital status, if they have dependents, and how much income they had in 2018 or 2019. Those […]
Retirement Changes For Coloradans Included in Coronavirus Relief Bill
The recently passed $2 trillion coronavirus relief bill included a series of key retirement provisions. These would relax rules on retirement savings and include the option to take a hardship distribution of up to $100,000 from a 401(k) plan without the 10% early withdrawal penalty if you are under age 59 1/2. Retirees can also […]
How A Reverse Mortgage Can Eliminate Traditional Mortgage Payments
It’s not uncommon that I get questions about why a senior may want to use a reverse mortgage to pay off an existing conventional mortgage loan. This scenario would vary from person to person, but in the long run, if the equity in the home can eliminate a mortgage payment without acquiring another loan payment, […]
Understanding Different Reverse Mortgage Professionals
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
A Guide For Adults With Aging Parents
With the holidays behind us, it’s not uncommon for adult children to reach out to me to discuss a reverse mortgage as an option to help their aging parents. They often spend a little more time with family and may realize things are changing with their parents and in their home. Here are my tips […]
A Quick Look At How A Reverse Mortgage Impacts Taxes
There are many differences between a reverse mortgage and a traditional mortgage – and taxes are a big one. Here’s a run down of what to expect come tax time if you have a reverse mortgage. The Tax Liability Issue Because any funds you receive from a reverse mortgage are essentially an advance on your home equity […]
How To Use A Reverse Mortgage And Social Security Together
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
Are Heirs Saddled With Reverse Mortgage Debt After Borrowers Pass Away?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
HUD Increases Reverse Mortgage Loan Limits Beginning January 1, 2020
In early December, the Department of Housing and Urban Development (HUD) announced that the lending limit for FHA insured HECM Reverse Mortgages will be increasing for the fourth year in a row. Beginning on January 1, 2020, the lending limit for government-insured reverse mortgages will be $765,600, marking an increase of $39,075 from the lending limit […]
Reverse Mortgage and Taxes: Everything You Need To Know
There are many differences between a reverse mortgage and a traditional mortgage – and taxes are a big one. Here’s a run down of what to expect come tax time if you have a reverse mortgage. The Tax Liability Issue Because any funds you receive from a reverse mortgage are essentially an advance on your home equity […]
Yes, Married Couples Can Get a Reverse Mortgage
It’s not uncommon to hear heartbreaking stories of reverse mortgages that left a spouse in dire straits after the other spouse passed away. How could this happen? Is it something that you need to worry about? If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect […]
Reverse Mortgages Are Good Financial Strategy
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds available from these FHA insured […]
Can A Reverse Mortgage Provide Financial Security?
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning of retirement, […]
Everything You Need To Know About The Reverse Mortgage Appraisal
Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender. Part of what determines the amount of funding available from a reverse mortgage is the appraised […]
New FHA Rules Expand Reverse Mortgage Market To Include Condos
Effective October 15, 2019 a new rule by the FHA will make it easier for condo owners to get HECM Reverse Mortgages. Currently most condos cannot obtain HECM Reverse Mortgage loans because they require approval of the entire building, which includes multiple units. The new change allows for approval of single units. This is a […]
Why Everyone Is Talking About The Reverse Mortgage Line of Credit
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Why Your Financial Planner Should Be Talking To You About Reverse Mortgages
When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long not part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgage […]
An Overview Of Required Reverse Mortgage Counseling
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
5 Fast Facts About Reverse Mortgages in Colorado
Reverse mortgages have made a serious comeback in the past several years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with […]
What Happens to a Reverse Mortgage After the Owners Pass?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
What Is A Reverse Mortgage Maturity Event?
For many who have had a conventional mortgage on their home, they are familiar with the “maturity date”. But with a reverse mortgage, there is no maturity date, only a “maturity event”. So, what’s the difference? A maturity date indicates the date which the borrower will make the final payment on the loan, including principal and […]
Will A Reverse Mortgage Affect Social Security, Medicare & Pension?
A very common concern among seniors and adult children when considering a reverse mortgage is how it will affect social security, medicare, and even certain pensions. For many seniors, these benefits are a large part of their income. Fortunately, because the funds from a reverse mortgage are NOT considered taxable income, a borrower’s benefits will not be affected when taking out a […]
Your Retirement Is Different Than Your Parents – Here’s Why
Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years. It would be a time when they stopped working and lived off the fruits of their savings and investments. Retirement planners used a three-legged-stool strategy back then. The make up of this stool was Social Security, employer-sponsored […]
Reasons You Might Want to Refinance Your Reverse Mortgage
Reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated intoretirement planning. But refinance a reverse mortgage? It’s not something you hear about often, or maybe you don’t even realize it’s an option. And why would someone want […]
5 Things You Need To Know About Reverse Mortgages
Reverse mortgages have made a serious comeback in the past couple years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount of […]
Required Reverse Mortgage Counseling: What You Need To Know
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
Here’s Why The Reverse Mortgage Line Of Credit Is So Popular
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Can A Reverse Mortgage Help With Divorce After Retirement?
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
7 Reverse Mortgage Myths That Need To Go Away
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved counseling to ensure all their questions and concerns […]
Reversing Thinking On Reverse Mortgages
Since the reverse mortgage industry saw big changes in 2015 then again in 2017, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before. In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of these newly […]
I Have A HELOC On My Home – Can I Get A Reverse Mortgage?
The short answer is – absolutely. And as a matter a fact, reverse mortgages are great options to eliminate HELOC payments. A HELOC is the acronym for Home Equity Line of Credit, and thousands in the Fort Collins and Loveland cities have taken advantage of it. When the housing boom was in full swing a number […]
5 Quick Facts About Reverse Mortgage in Colorado
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to terrify you. There are […]
Exploring Reverse Mortgage and Divorce
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
Can I Sell A Home With An Existing Reverse Mortgage
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as it […]
What Does it Mean When a Reverse Mortgage is FHA Insured?
If you’ve taken the time to learn even a little bit about a reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times. But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage. These loans are typically insured by […]
What To Look For In A Reverse Mortgage Lender
For many retirees, a reverse mortgage is a feasible option to living the golden years they always dreamed of, or for others it may be a path to living within a budget without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, […]
Will A Reverse Mortgage Affect Social Security, Medicare & Pension?
A very common concern among seniors and adult children when considering a reverse mortgage is how it will affect social security, medicare, and even certain pensions. For many seniors, these benefits are a large part of their income. Fortunately, because the funds from a reverse mortgage are NOT considered taxable income, a borrower’s benefits will not be affected when taking out a […]
