reverse mortgage senior retirement planning: CFPB's Interpretive Rule on Mortgages Benefits Borrowers and Heirs - 07/10/14 06:56 AM
CFPB's Interpretive Rule on Mortgages Benefits Borrowers and Heirs
The Consumer Financial Protection Bureau has issued an interpretive rule that will allow heirs to take over the mortgage of their loved ones when the borrower dies.
According to an article in Reverse Mortgage Daily, CFBP's clarification will make it possible for surviving family members who acquire the deceased borrower's property to take over the mortgage or be considered for a loan workout in order to keep the home.
The rule states that when a borrower dies, the heir can be added to the mortgage without triggering the CFPB's Ability-to-Pay rule. It also … (1 comments)

reverse mortgage senior retirement planning: Using a Reverse Mortgage for Changing Retirement Plans - 07/03/14 02:25 AM
Using a Reverse Mortgage for Changing Retirement Plans
The reverse mortgage is still a viable option for seniors hoping to pay off their mortgage and continue to live debt free during retirement, but very few take advantage of it.
In fact, according to a nationwide survey, presented at the National Reverse Mortgage Lenders Association by Dan Gorin, only 2% of seniors 62 years of age and older actually get a reverse mortgage.
This means less than half of those who consider a reverse mortgage in the first place are actually getting one.
Considering the reputation the reverse mortgage has had until recently (and … (2 comments)

reverse mortgage senior retirement planning: The "HECM Choice" Offers Consumers More Choices - 02/18/14 01:45 AM
The "HECM Choice" Offers Consumers More Choices
Months after unveiling their new reverse mortgage product, the "HECM Choice," Reverse Mortgage Funding has announced that it has expanded the HECM Choice to include all payment options at origination.
When the HECM Choice was first announced, it was the first fixed rate reverse mortgage product in the market after the changes that were implemented at the end of September 2013. Until then, all reverse mortgage products were adjustable, offering little options and flexibility to consumers who were looking for fixed options.
The HECM Choice, which came into play on December 2013, offered consumers … (2 comments)

reverse mortgage senior retirement planning: Consumers Can Now Get a "Fixed Fortune" - 01/29/14 12:34 AM
Consumers Can Now Get a "Fixed Fortune"
We have now unveiled a new fixed-rate HECM loan, the "Fixed Fortune," after unveiling the HECM Fixed Advantage last month, in hopes of giving borrowers more options when looking for a reverse mortgage.
The fact of the matter is, fixed products are needed when it comes to reverse mortgages, especially because there is a market for them. By completely eliminating any fixed products, HUD alienated a potential sector of the market. By bringing it back, within the HUD guidelines, the new products should offer a solution to many borrowers who wanted the security of a … (0 comments)

reverse mortgage senior retirement planning: Non-Existent Long-Term Care Solutions - 12/26/13 12:55 AM
Non-Existent Long-Term Care Solutions
The harsh realities of retirement and long term care are upon us but America continues to prove its unequipped to handle the growing number of retirees who will need long term in the future.
“Unfortunately, America does not have a strategy to deal with this growing demand,” writes Long-Term Care Commission chair Bruce Chernof in an editorial, according to an article published in Reverse Mortgage Daily. 
The sad truth is, that while the biggest retirement concern is financial security and the "Golden Years" are slowly becoming the "Debt Years" few initiatives are being taken to provide affordable long term care solutions.
Part … (2 comments)

reverse mortgage senior retirement planning: "There's No Place Like Home" or "A Home Away from Home"? - 11/20/13 11:22 PM
"There's No Place Like Home" or "A Home Away from Home"?
Where Will Baby Boomers Live During Retirement
It's a question many baby boomers are probably asking themselves as they enter retirement. The possibilities are endless but so are the possibilities of enjoying your retirement with a reverse mortgage. In truth, reverse mortgages can supplement four of the five suggestions presented by an article, "Where are Baby Boomers Going to Live?," published in Yahoo! News.
Tom Sightings, the article's author, presents five suggestions to where baby boomers are going to live in the next 10 to 15 years, based on past … (2 comments)

reverse mortgage senior retirement planning: Reverse Mortgages Can Help Divorced Seniors - 10/15/13 01:39 AM
 
Reverse Mortgages Can Help Divorced Seniors
"...the increased occurrence of “gray divorce" [...] has been identified as a significant 21st century divorce trend...even though the overall divorce rate is actually declining, it’s on the rise among older generations," begins an article in Forbes magazine.
In truth, the rise of gray divorce presents its own set of problems for both women and men of a certain age who have been dependent on another person for the better parts of their life. It's not to say that seniors who divorce later in life cannot fend for themselves, but it does present certain challenges that newer generations may … (4 comments)

reverse mortgage senior retirement planning: Are You an Ostrich? - 10/13/13 10:11 AM
Are You an Ostrich?
According to Reverse Focus, someone suffering from Ostrich Syndrome is: "sticking their head in the sand and hoping they'll never have to face their issues or deal with them when the time comes."
I see it plenty in the Reverse Mortgage industry. Retirees who didn't plan for their retirement, or waited until it got better. Except things didn't and now their stuck. Before you get stuck with your head in the sand, though, it's important to ask yourself:
"Are You an Ostrich?"
Do you stick your head in the sand and hope it all goes away? Or avoid fast approaching … (3 comments)

reverse mortgage senior retirement planning: Do the Needs of the 'Many' Outweigh the Needs of the 'Few'? - 10/10/13 04:28 AM
Do the Needs of the 'Many' Outweigh the Needs of the 'Few'?
Despite being disappointed by HUD's process for implementing change, namely, bypassing the public comment period which takes place during the rule-making process, the AARP is adamant in their support for the new changes calling them "well-intentioned."
According to an article published by Reverse Mortgage Daily, "AARP: Reverse Mortgage Changes Will Bar Access but Improve Program," despite AARP's full support for the changes, and the good they can potentially do, they are still aware that the upcoming changes are likely to cut out some future borrowers.
Cristina Martin-Firvida, Director Financial Security & Consumer Affairs, … (2 comments)

reverse mortgage senior retirement planning: Who Will Care for Baby Boomers in the Future? - 09/20/13 12:14 AM
Who Will Care for Baby Boomers in the Future?
Times continue to change for baby boomers--and not just in terms of when they will retire and how they will pay for it--but also about who will care for them in their 70s and 80s. 
A recent study, conducted by the AARP, documented the "caregiver support ratio"  in order to assess the declining availability of family caregivers to meet the demands for long-term services and support in the future. The study, which paired a potential caregiver (aged 45-64) with one person 80 years of age and older, found that potential caregivers will … (12 comments)

reverse mortgage senior retirement planning: Your Home's Best Kept Secret... - 09/18/13 12:03 AM
Your Home's Best Kept Secret...
A Reverse Mortgage
Who knew your home was guarding a secret?
A secret that can mean the difference between a comfortable retirement and a less-than-perfect retirement?
In truth, your house has been less than honest with you and it's time to take full of advantage of your biggest financial asset to help you during retirement.
What am I talking about? A HECM loan, frequently called, a reverse mortgage.
Why is it reverse? Well, because you don’t have to make monthly payments on it as long as you live in your primary residence.
Why even consider … (0 comments)

reverse mortgage senior retirement planning: Are Communities Unprepared for Retiring Americans? - 09/12/13 12:11 AM
Are Communities Unprepared for Retiring Americans?
I don't know if I sound like a broken record or not anymore but I think it's important that everyone knows the dire retirement planning state the nation finds itself in. In the latest of what seems to be never-ending bad news for current and future retirees, the United States of Aging has released a survey that determines communities are unprepared for aging retirees.
According to an article published in Reverse Mortgage Daily, despite the fact that 71% of retirees believe their community is currently supportive, 29% believe their community is ill equipped to handle … (2 comments)

reverse mortgage senior retirement planning: Reverse Mortgages Offer Baby Boomers Retirement Security - 09/08/13 09:31 PM
Reverse Mortgages Offer Baby Boomers Retirement Security
At the beginning of August, the Boston College's Center for Retirement Research-sponsored Washington Conference discussed "Retirement Security in Changing Times." During the conference, the value of reverse mortgages on retirement planning was also discussed, leading to some surprising findings, according to the National Reverse Mortgage Lenders Association.
Many Americans who want to retire are postponing solely due to the burden of their mortgage payments. A reverse mortgage can help retiring Americans pay off their mortgage. If the heaviest burden on your retirement is mortgage, a reverse mortgage allows you to live mortgage-free for the rest of retirement and … (2 comments)

reverse mortgage senior retirement planning: We Are Not All the Same. Stop Comparing Us. - 08/29/13 01:50 AM
We Are Not All the Same. Stop Comparing Us.
It's out there and it's pulling the wool over your eyes and making you think things that aren't true. It's out there and blinding you to the truth. It's out there and it's keeping you from enjoying our retirement fully.
What am I talking about? Misinformation.
Misinformation, the root of all scams, and keeps rearing it's ugly head in my business.
Not only is it hard to combat, but some information are just outright lies, which get recycled over and over, without stopping. 
Recently, I found an article from January titled: "The … (87 comments)