A Reverse Mortgage Can Be a Solution for Senior Citizens in Mortgage Forbearance There are people over the age of 55 who were or are in the workforce who needed mortgage forbearance due to being temporarily or permanently laid off due to the pandemic. When current mortgage forbearances and mortgage payment moratoriums expire, a plan […]
How to Use a Reverse Mortgage in a Silver/Grey Divorce
Senior citizen married couples, who want to divorce, may not think they can afford to divorce. Often times, one spouse wants to stay in the property, but cannot qualify for a cash out refinance loan to buy out the departing spouse due to a lack of income when attempting to qualify for a loan. In […]
Estate Planning Is Critical on Reverse Mortgages to Avoid Lender and Heir Issues
How a Revocable Living Trust Can Protect a Property with a Reverse Mortgage Reverse mortgages have implemented additional safeguards over the last five years for senior citizens and people over the age of 55 years of age, making the loan a safer and viable option. But one lingering fear among reverse mortgage applicants is that the lender […]
Involuntary Retirement Or A Fork In The Road?
You don’t have to be retired to take advantage of a reverse mortgage. MarketWatch states that the unemployment rate in January 2020 for those 55 and older rose from 2.6% to 13.6% in April 2020. As we have experienced, COVID-19 has no boundaries. Seeking employment, finding ways to reinvent yourself, implementing new technologies and in […]
HECM Reverse Mortgage Line of Credit Still Accepting New Applications-Some HELOC Lenders Are Not
It’s important to note one of the main differences between a federally insured HECM reverse mortgage line of credit and HELOC during the COVID-19 pandemic is a HECM line of credit can not be closed or frozen for future usage due to COVID-19 economic conditions or due to a drop in home values. As of […]
Mortgage Forbearance Is Not Mortgage Payment Forgiveness-How It Works
What is forbearance? How does it work? One thing it is not is mortgage payment forgiveness, or a loan modification or deferment. Typically at the end of a forbearance all accrued payments not made need to be repaid, in lump sum, all at once. This can create an additional hardship. If a homeowner is wanting […]
Market Swings Can Cause Liquidity Crisis For Seniors. A Standby Reverse Mortgage Line of Credit Can Help
A retiree’s biggest concern is outliving their money. Taking withdrawals from a nest egg when the market is down big, like right now, drastically shortens the life of a portfolio leaving senior citizens in peril on running out of money earlier in retirement than expected. But for some senior citizens, what choice do they have? […]
A reverse mortgage line of credit allows you access to funds not in the market so you don’t outlive your money. Video inc.
Withdrawing funds from your nest egg in down market years can severely shorten its life causing retirees to possibly run out of money, so why do people do it? The answer is that many people do not have access to funds outside of the market to draw from. For senior citizen homeowners who have ample […]
HELOC vs. HECM Reverse Mortgage Line of Credit-Which Is Better?
When it comes to senior citizens, a HECM line of credit and a home equity line of credit, or HELOC, offer access to funds when needed but which is better and why? Here’s a video link for this article that’s a deeper dive on this topic. Here’s a quick scenario: A retired couple have a […]
A Way To Pay For Long Term Care No One Is Talking About
Did you know that Medicare does not cover long term health care? So how are people supposed to pay for long term health care? Most of the articles I read are about purchasing a long term care health plan in early retirement years when you are in good health as well or setting aside […]