Reverse Mortgage is a way homeowners over the age of 62 are using the equity in their home to add to their retirement funds. The benefits of using a reverse mortgage include extending retirement fund longevity, eliminating a mortgage payment, or even making needed accessibility changes to the home. But those are only a few ways that reverse mortgage funds can be used, and we see every day how this financial tool is being used to benefit seniors. We have found there are also many questions that are being asked, and should be … (4 comments)
reverse mortgage: 9 Questions to Ask Yourself Before Getting a Reverse Mortgage
- 02/29/16 01:16 AM
Getting a reverse mortgage is a great way to create additional income in retirement, but they aren’t for everyone. Just as with any mortgage product, there are qualifications, but beyond that, there are also times when certain products will be better suited than others.
If you are considering options for retirement income and/or a mortgage free retirement, here are 9 questions to ask yourself before getting a reverse mortgage. If you aren’t sure what the answers are and want to speak to a reverse mortgage specialist, contact me, Kevin Guttman, for a fair assessment and no pressure or obligation fact finding session.
A mortgage free retirement is ideal for most people. Fixed income means budget restrictions for most retired people wanting their funds to last. One method of retirement income protection and generation is a reverse mortgage. Many people approaching retirement know about using a reverse mortgage on their home to tap home equity, but they didn’t know that they can use a reverse mortgage to buy a home.
This scenario is ideal for people who already have paid off a mortgage but want to relocate and/or move into a smaller home. … (0 comments)
reverse mortgage: Will My Retirement Funds Last? A surprising strategy
- 02/14/16 10:18 AM
Sixty-four percent of retirees will get at least half of their income from Social Security. The primary source of income for most retirees is in the form of a 401k or IRA, and yet all of them are concerned with the big question:
“Will my retirement funds last?”
The goal of most financial plans is to allow for about 4% of the total needed income to be withdrawn each year for 30 years. But most retirees are finding it difficult to stick to this 4% max as it is rather limiting. Reverse mortgage funding is now being considered a very viable option to … (2 comments)
Basically, a reverse mortgage pays you money from the equity you have built up in the value of your home. There are some requirements that need to be met to qualify. We ask some of the most common questions.
Why would I choose a reverse mortgage instead of a home equity loan or second mortgage? BANK LINE OF CREDIT You have to make interest payments if you use the line at least monthly or quarterly The line of credit will usually be due every year or every … (0 comments)
reverse mortgage: Can I lose my house in a reverse mortgage?
- 01/18/16 09:29 AM
Reverse mortgages, also known as a Home Equity Conversion Mortgage or HECM are a tool more and more people in retirement are considering for a variety of reasons. In fact, reverse mortgages have increased over 20% since 2013.
The sandwich generation, defined by Wikipedia as: “a generation of people who care for their aging parents while supporting their own children”, are looking for new ways to leverage financial resources without becoming a burden on the people they are caring for. You may find yourself both a baby boomer and part of this sandwich generation looking to provide for the generation older and … (7 comments)
reverse mortgage: 5 things to know about reverse mortgages in retirement
- 01/04/16 12:28 PM
There is still a lot of confusion about using a reverse mortgage in retirement. However, with new revisions by the FHA to their Home Equity Conversion Mortgage product, also known as a Reverse Mortgage, many people are once again considering as an option to supplement retirement income from other sources. The Home Equity Conversion Mortgage is called a reverse mortgage because instead of paying into a loan, as with a typical mortgage product, it pays you cash out of your home equity. And because of this, it is used as a financial tool by savvy seniors who have discovered the benefits … (2 comments)
reverse mortgage: 5 things to know about reverse mortgages in retirement
- 12/27/15 08:03 AM
There is still a lot of confusion about using a reverse mortgage in retirement. However, with new revisions by the FHA to their Home Equity Conversion Mortgage product, also known as a Reverse Mortgage, many people are once again considering as an option to supplement retirement income from other sources. The Home Equity Conversion Mortgage is called a reverse mortgage because instead of paying into a loan, as with a typical mortgage product, it pays you cash out of your home equity. And because of this, it is used as a financial tool by savvy seniors who have discovered the benefits … (2 comments)
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Kevin A. Guttman-Author, ReverseMortgageSpecialist
Questions you should be asking about your Reverse Mortgage
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