The ‘Who,’ ‘Which’ and ‘What’ of Reverse Mortgages…
When it comes to reverse mortgages, the who and which are extremely important. They determine which reverse mortgage product and which lender best fit the client’s needs and situation. The trick is to disclose everything, to the best of your ability, to your client. It’s the way I work. I, [...]
Non-Borrowing Spouses Benefit from New HECM Loan Regulations
The HECM loan changes, that were recently passed by Congress, and approved by President Obama, include a financial assessment of the borrower, mandatory set asides for property taxes and homeowners insurance, restrictions on the amount of fund that can be initially withdrawn and…most importantly, inclusion of all borrower spouses on the loan regardless of age. [...]
Reverse Mortgages…An Under-Utilized Lifeline
Reverse Mortgages are, and continue to be, an important source of cash flow for older Americans looking to retire comfortably. In addition, reverse mortgages are also available as a retirement planning tool for retirees who are financially stable but want a safety net at their disposal when, and if, they’re [...]
Reverse Mortgages Aren’t Just for the Financially Desperate
“Aren’t reverse mortgages just for people in trouble financially?” It’s a question I hear all the time and it’s one of the biggest misconceptions about reverse mortgages. Can homeowners 62 years of age and older, who live in their primary residence and have enough equity in their home, who are financially desperate [...]
Retirement Planning is Like Evolution…? Say What?
Retirement Planning is Like Evolution…? Say What? It’s something I haven’t thought about before but it makes sense. If evolution is all about adapting, and therefore, changing ourselves to better suit our current conditions, then it might as well be just like retirement planning, especially in the current financial climate. Older [...]
The Reverse Mortgage Program is About To Change
Following President Obama’s signature of approval and the Senate’s decision to pass the Reverse Mortgage Stabilization Act of 2013, which gives the Federal Housing Administration the authority to implement changes that will stabilize the reverse mortgage program, the FHA has announced that the new changes will come in August at the earliest, and will [...]
