If you are over 62, you know you are eligible for a reverse mortgage because you can’t turn around without someone telling you that you are. There’s nothing wrong with reverse mortgages as long as you realize they are a tool. Just as a screwdriver isn’t the tool you need when you need to hammer … Read more
By Tamara Sevigny of Kiel Mortgage Maria was in the midst of a crisis. Her husband passed away suddenly, leaving her with no life insurance. Maria’s income dramatically changed. The passing of her husband left her with just her Survivor’s benefit from Social Security. However, their home was paid in full. Her Pastor suggested she … Read more
Homeownership represents stability in a housing market with vastly fluctuating rent payments. Thanks to the Recession, fewer Americans own homes but amongst the older generations, home ownership remains significantly higher than renting as a housing option. Even if a homeowner’s retirement plan does not include remaining in the same home over time, ownership provides options … Read more
By Tamara Sevigny of Kiel Mortgage Eric and Christine are both retired, own their home free and clear and have excellent assets and savings. Even still, there was no lending source that they could find who would secure them a line of credit for a remodel. After hearing about a reverse mortgage they gave a Reverse … Read more
By Emily Study A recent column published by the Wall Street Journal states that using proceeds from a reverse mortgage could help retirees strategically maximize the after-tax value of their wealth. In his column, Wade Pfau — a professor of retirement income at The American College in Bryn Mawr, Penn. — suggests that reverse mortgage … Read more
Actors we haven’t seen for years (think Robert Wagner, Pat Boone, Alex Trebek, and Henry Winkler) are trying to raise their stars again by pitching reverse mortgages. By 2010, nearly 10 percent of all reverse mortgages were in default. Those two reasons and others contributed to a lack of respect for a financial tool aimed … Read more
Federally insured reverse mortgages are a way for homeowners 62 and over to borrow money using their home as collateral. This allows a homeowner to continue to live in the house, as long as the house is their primary residence, without having to make payments. Reverse mortgages come due when the last borrower on the … Read more
By Richard L. Harter CPM,CSM, CRES
Retirement and Financial Analyst
With 70,000 baby boomers per month entering their 60’s, the lenders for Reverse Mortgages (Home Equity Conversion Mortgage (HECM)) are cranking up their advertising. The Reverse Mortgage and Bi-weekly Mortgages are advertised with certain benefits that sound very attractive. The primary purpose of these two loan types is to generate unnecessary fees and commissions for the lender. What they do not tell you is that you can accomplish the same thing using existing banking instruments without doing a refinance, at essentially zero cost and fees.
A new mortgage product is making “reverse” mortgages more affordable. Reverse mortgages typically have high fees, but the new Home Equity Conversion Mortgage (HECM) Saver allows borrowers to get a reverse mortgage with lower upfront costs as long as they are willing to borrow a smaller amount. A reverse mortgage allows homeowners who are at … Read more
Will your plan for retirement lead to disaster if your health fails? Will you end up forced into institutional care, go broke paying for care, or become a burden on your family?
For millions of Americans, the answer is yes. This video explains why retirement turns into a nightmare for so many people and how completing this course can keep these nightmares from happening to you.
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