Reverse Mortgage Loans….”Why Should I Get One?”

Reverse Mortgage Loans….”Why Should I Get One?”

One of the questions consumers ask me during our initial conversations is: “why should I get a reverse mortgage loan?”

I understand that they come from a place of misinformation where the reverse mortgage is a loan of last resort, only to be used if you want to pay off your mortgage (and have a little extra saved up) and should never be considered if you have a retirement plan in place.

Nothing could be further from the truth.
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Most Long-Term Healthcare Services are Received at Home…

Most Long-Term Healthcare Services are Received at Home…

Aging in place is becoming a more prominent alternative to seniors who are retired or retiring in the future, especially considering their choices when it comes to receiving long-term healthcare services.

According to an article published by Reverse Mortgage Daily, which cites an report conducted by the CDC’s National Center for Health Statistics, 56% of the 8.4 million older Americans who received healthcare services received them at home.

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“Reverse Mortgage Loans Fit an Important Niche…”

“Reverse Mortgage Loans Fit an Important Niche…”

Says Columbus Dispatch

The reverse mortgage loan has undergone many changes in the past few months, and while some may say it is not worthwhile, despite all the success stories, the reverse mortgage industry will not give up on trying to educate consumers, financial planners, etc. on the benefits of the program.

Most importantly, for those who say the reverse mortgage loan is on its way out, Columbus Dispatch says, “reverse mortgages fit an important niche,” and for that very reason alone they will never cease to exist.

Even in marketing, and branding your company, they say, “find your niche.”

Niches serve a small, but very important part of a certain market. They give you a determined focus and a specific group to appeal to. They exist outside the established norm, in this case, retirement planning strategies, but can be just as worthwhile and advantageous as any mainstream solution.

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New FHA Regulations Created to Protect Non-Borrowing Spouses

New FHA Regulations Created to Protect Non-Borrowing Spouses

Recent changes to the reverse mortgage program have made it a more advantageous retirement planning tool for the future. However, for some borrowers, there was still the lingering question of what would happen to their spouse upon their passing.

Non-borrowing spouses can finally sleep soundly, thanks to the recent changes made by the Federal Housing Administration regarding non-borrowing spouses.

In a recently released mortgagee letter, outlined by Reverse Mortgage Daily, non-borrowing spouses will be able to remain in their homes, after the borrower has passed away, if they were married to the borrower at the time of closing and their status as a married couple was disclosed at the time through a certified letter.

While not an all inclusive solution, it does demonstrate that FHA is making the necessary changes to protect borrowers and non-borrowing spouses. The new regulations will be set forth for new case numbers assigned on or after August 4th.
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Consider Every Retirement Planning Option…Including a Reverse Mortgage Loan

Consider Every Retirement Planning Option…Including a Reverse Mortgage Loan

A reverse mortgage loan, or home equity conversion mortgage, is a helpful alternative to many seniors, who may need the funds immediately, or are hoping to leverage the home equity they have acquired during their working years to favorably save up for retirement.

The fact of the matter is, the reverse mortgage loan continues to be thought of as a last resort, something to get only if the situation is dire enough. This is, not only a disservice to the program, but a disservice to future clients who may be looking into it as an alternative retirement planning option.

In fact, people may think of the reserve mortgage as a last resort, but no one ever thinks of buying a second home as a last resort or investing stocks as a last resort, they respect it as viable retirement options.

However, are these options sure fire ways to have enough funds to supplement a suitable retirement?

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HELOC Payments are Going from Interest Only to Fully Amortized

HELOC Payments are Going from Interest Only to Fully Amortized

This time it’s not about the recovering housing market but about making sure borrowers who took out home equity lines of credit during the boom will be able to make their monthly payments once their loans reach the ten year mark.

Many borrowers have been able to continue making payments on their loans because they have only been making payments on their interest, not their principal balance for the first ten years. At the ten year mark, payments can as much as triple for many borrowers, rendering repayment impossible for some.

Banks have been trying to find a solution so that borrowers continue to make payments on time and prevent delinquencies because the success of consumers can mean their success as well; very much like their failure can spell disaster for banks once again.

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Who Should Get a Reverse Mortgage Loan and “Why?”

Who Should Get a Reverse Mortgage Loan and “Why?”

I find clients often worry about their heirs whenever they decide to move forward with a reverse mortgage, either because they wished to leave their home to their children or grandchildren or hoped that their children will be able to sell the home upon their passing and have enough to tie them over for a years.

I tell them that while that’s honorable, even selfless, it’s crucial that they retain a certain quality of life in their retirement. It’s great if their heirs are able to support them during their retirement, I am in the business of selling and a reverse mortgage is not always needed. However, what if their heirs are not able to support them during their retirement? A reverse mortgage is a possible solution to any present (future) problems that may arise.

I can’t think of any children or grandchildren that would want their parents or grandparents to suffer hardships or worse, foreclosure, just to keep a house. A house is a home to those who live there and they may not want to part with it while they live out their retirement. However, they may have to if they can no longer afford their mortgage. Be aware that with a Reverse Mortgage Loan you cannot lose your home under normal circumstances, but foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.

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Home Equity Lines of Credit Are Ballooning

Home Equity Lines of Credit Are Ballooning

Home Equity Lines of Credit may cause a new problem for banks as many reach their 10 year anniversary. This means many borrowers willl have to start paying their principal balance on these loans on top of the interest payments they’ve been paying for the last 10 years.

According to an article published by Reuters, more than $221 billlions worth of these loans will hit the 10 year mark for the next four years in the country’s largest banks such as Bank of America and Citigroup. Most of these loans have about 40% of the line of credit still outstanding.

The biggest problem? Borrowers who took out their home equity line of credit during the housing boom (and subsequent bust) will find themselves unable to complete payments when their payments almost triple and their floating interest rates continue to raise.

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There are Two Sides to Every Story: The Truth Behind Reverse Mortgage Loan Pitfalls

There are Two Sides to Every Story: The Truth Behind Reverse Mortgage Loan Pitfalls

A recent article in The New York Times, Pitfalls of Reverse Mortgage May Pass to Borrower’s Heirs, detailed the story of heirs whose parents took out a reverse mortgage on their home and have since passed away, making the reverse mortgage loan they took out on their home due and payable.

However, not only is the story one-sided, focusing on the possible consequences for heirs whose parents got a reverse mortgage loan, it is also vague in explaining how and why the homes were foreclosed on after the borrowers’ passed away.

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The “Misunderstood Mortgage”: Changing the Reputation of HECM Loans

The “Misunderstood Mortgage”: Changing the Reputation of HECM Loans

One of the biggest misconceptions about the reverse mortgage loan is that the program should just be used as a last resort. From financial planners to borrowers, many looked into the reverse mortgage loans for themselves or their clients if they were in a financial crisis. 

This could not be further from the truth.

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Reverse Mortgage Loans Are Kinder and Gentler After Changes

Reverse Mortgage Loans Are Kinder and Gentler After Changes

In the past few months, since the changes to the reverse mortgage brought the product back to basics, many financial planners are finally seeing the advantages, not only to the changes, but also to the program itself. 

The reverse mortgage was never created to be a “loan of last resort,” even though many borrowers used it as such. In fact, it was created as a way for borrowers to age in place comfortably and use the equity they have built up throughout the years. In all honesty, the reverse mortgage loan was meant to be an investment like any other, one that would secure considerable funds for the future.

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PS Financial Services is the #4 Reverse Mortgage Broker in Florida

PS Financial Services is the #4 Reverse Mortgage Broker in Florida

If it’s true that hard work does pay off then PS Financial Services is reaping the rewards of months of hard work.

When I first founded PS Financial Services in August 2012, I did it because I wanted to help clients 62 years of age live more comfortably during their retirement in a fast, efficient and low cost manner. 

A year and a half later, PS Financial Services is the #4 Reverse Mortgage Broker in Florida, according to Reverse Mortgage Insight report for the last quarter of 2013.

This gives me confidence that, not only does the reverse mortgage continue to be a worthwhile option for many seniors, but also that the current set up of my company, as Reverse Mortgage brokers, is the best for all our clients.
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Rising Senior Home Values Make Reverse Mortgage Loans More Advantageous

Rising Senior Home Values Make Reverse Mortgage Loans More Advantageous

Things are looking up for senior homeowners who have been struggling to rebuild their retirement plans after the Recession.

According to the latest Reverse Mortgage Market Index released by NRMLA and RickSpan, published along with an article in Reverse Mortgage Daily, senior home equity rose $83.5 billion in the last quarter of 2013, bringing total values closer to the 2006 peak level of $4 trillion.

This is good news for baby boomers that have been thinking of getting a reverse mortgage loans in order to supplement their retirement but have decided to wait because their home values have been lowered than expected.

The increase is the result of an estimated $84.1 billion rise in aggregate value, which was lowered by a $600 million increase in mortgage debt held by seniors.Thankfully, debt among seniors has not risen as high as home values, making the reverse mortgage loan a possibility for many seniors.

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Consider a Reverse Mortgage Loan in Your Retirement Plans

Consider a Reverse Mortgage Loan in Your Retirement Plans

An article published in the Journal of Financial Planning, “Retirement Trends, Current Monetary Policy, and the Reverse Mortgage Loan Market”, has made strides in cleansing the reverse mortgage of it’s once (incorrect) reputation as “a loan of last resort.”

The article comes only a month after FINRA declared that the reverse mortgage loan is no longer a loan of last resort. This announcement, complied with the reverse mortgage loan industry’s plans to work more closely with financial planners, has been creating a solid foundation on which the reverse mortgage loan can build itself up anew.

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So You Have a Reverse Mortgage Loan… Now What Do You Do with Your Time?

So You Have a Reverse Mortgage Loan…

Now What Do You Do with Your Time?

Many of the blog posts I write deal with how and why a borrower should get a reverse mortgage loan but, like the classical Disney movie, I rarely talk about what happens after “the happily ever after…”

Namely, what do you do with your time now that you have the ability to age in place without the stress of monthly mortgage payments?

ReverseFocus.com’s Amara Rose has a few suggestions though, ensuring that seniors in retirement, who have decided not to return to the work force, still get to live an enriching and fulfilling life. However, be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms

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The Consumer Financial Protection Bureau May Be Held Accountable…

The Consumer Financial Protection Bureau May Be Held Accountable…

According to an article published by HousingWire, congressional Republicans put to a vote the Consumer Financial Freedom and Washington Accountability Act, a bill that will bring transparency and accountability to one of the least regulated agency in the federal government.

Lately, the CFPB has come under attack after it announced its plans to spend an estimated $145 million in renovations for offices it doesn’t own. If this does not signal a reckless amount of spending and lack of regulation, I don’t know what will.

The Federal Reserve has even begun an investigation into why renovations who began so modestly have risen up to three times the original estimate.

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New Reverse Mortgage Loan Offers New Opportunities for Consumers

New Reverse Mortgage Loan Offers New Opportunities for Consumers

The new, consolidated reverse mortgage was already introduced five months ago but that doesn’t mean we should stop trying to educate consumers. In fact, I think five months is relatively short in the face of all the industry wishes to accomplish with the new product.

As a potential retirement planning tool, the reverse mortgage has a long way to go as far as public perception is concerned but where there is a will there’s a way.

One of the best feelings recently has been talking to a potential client about the product and explaining to them that it is no longer what it once was, it’s different and, for that reason alone, it is a lot better than it was.

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How Do You Deal With Changes (to the Reverse Mortgage Program)?

How Do You Deal With Changes (to the Reverse Mortgage Program)?

There is no right or wrong way to deal with change. Every time the reverse mortgage program has changed in the last year I haven’t had an exact blueprint on how I would need to change myself, or my business, in order to continue to be successful in a new landscape.

As far as the changes that were implemented on September 30 of 2013, it was more about helping as many people as I could before the change and then adapting accordingly afterwards. Fact of the matter is, those changes came swiftly, unexpectedly and the reverse mortgage industry was forced to make the best of it.

This is what we’ve been doing for the time being. However, the financial assessment sill looms close and many, including myself, are wondering how the industry will change after this component is implemented.

The industry is bracing itself for some difficult times ahead, even if we come out on top in the end.

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Reverse Mortgage Changes Offer a New Beginning

Reverse Mortgage Changes Offer a New Beginning

  • How many times has something in your lives changed? A lot? A little?
  • Were you happy with it? Angry?
  • What did you do to make it better?

In truth, there are plenty of things those of us in the reverse mortgage industry can do to make the reverse mortgage changes a rewarding endeavor, starting with our attitude. While some have taken to given up and throwing their fists in the air, I’ve taken a more positive approach, seeing the changes as one small step for consumer satisfaction but one giant leap for the reverse mortgage industry as a whole.

Most importantly, the changes are a way to change the “last resort” reputation the reverse mortgage program has gained throughout the years. It’s strange to think that a program that has many options available for homeowners, depending on their personal situation, and can adapt to most situations, was seen strictly as a program to only look into when you’re “forced” to.

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The “HECM Choice” Offers Consumers More Choices

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.

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Is There a Right Time to Get a Reverse Mortgage Loan?

Is There a Right Time to Get a Reverse Mortgage Loan?

There may be many seniors out there, 62 years of age and over, thinking about applying for a reverse mortgage loan.

Whatever the reason for their consideration, one of the questions they may be asking themselves is: is there a right time to consider a reverse mortgage?

I don’t think there is a right or wrong time to consider a reverse mortgage loan, mostly, because every situation is different.

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“Retirement Still Out of Reach for Most”

“Retirement Still Out of Reach for Most”

Reports an article published by Reverse Mortgage Daily

Through stock market improvements and a considerable boost to the housing market, many Americans possibly found themselves hopeful in achieving a more comfortable, work-free retirement.

However, a study conducted by the Boston College for Retirement Research has found that many households are still unable to maintain pre-retirement lifestyles when they chose to finally chose to retire. While this is only a minor decrease, down to 50% of households from 53% in 2010, it can be the first step to a more positive outlook in the future.

For the time being though, homeowners may find their plans for retirement put on hold.

Researchers at Boston College have stated, following their results:

“Interestingly, updating the asset values only reduces the index to 50% because the rise in house prices have been relatively modest in real terms and the more robust growth in stocks mainly benefits the top third of households.”
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Choosing a Financial Planner: What to Look For

Choosing a Financial Planner: What to Look For

Moving forward, the help of financial advisors and planners will be an indispensable part of the success of the reverse mortgage program.

However, it’s important for consumers to know that not all financial planners are created equal and they should seek out someone geared toward their specific needs that will provide crucial information on the state of their retirement and what they will need to make their retirement suitable.

According to an article published by Reverse Mortgage Daily, the Consumer Financial Protection Bureau has taken the necessary steps in order to ensure seniors are receiving the help they need by releasing a guide that will help them make the right decision when the time comes.

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Why Get a Reverse Mortgage Loan?

The Benefits of a HECM Loan

A reverse mortgage is the complete antithesis of a home equity loan. The biggest difference is the fact that you do not have to make monthly mortgage payments on a reverse mortgage. In fact, a reverse mortgage pays you monthly (dependent on the program the borrower choses) and the loan is repaid when the borrower passes away, no longer lives in their primary residence or fails to pay their financial obligations.

Is a reverse mortgage still a loan? Yes. 

However, consider living off your home equity for the next couple of decades before having to repay your reverse mortgage loan as opposed to taking our a home equity loan, using it quickly and then having to pay it back as soon as possible.

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“Extreme” Action is Underway for Reverse Mortgages

“Extreme” Action is Underway for Reverse Mortgages

The National Reverse Mortgage lenders Association is taking “extreme” action in order to change the face (and reputation) of the reverse mortgage, according to an article published by Reverse Mortgage Daily.

The “Extreme Summit,” as it has been named by those in charge of the campaign, has gained the financial backing to make a serious dent in reverse mortgage program misconceptions over the next few years.

Lenders and industry leaders have showed their support and encouragement by collectively donating $2 million to revitalizing the reverse mortgage program through advertising across several media outlets and raising awareness about the new program after the changes.

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“Reverse Mortgage is No Longer a ‘Loan of Last Resort,'” Says FINRA

“Reverse Mortgage is No Longer a ‘Loan of Last Resort,'” Says FINRA

The Financial Industry Regulatory Authority has declared that the reverse mortgage, or Home Equity Conversion Mortgage, is NO LONGER a “loan of last resort,” thanks to research conducted by a Funding Longevity Task Force.

According to an article published by Reverse Mortgage Daily, FINRA has removed the statement from its published investor alert after looking over the research conducted. The Security 1 Lending assembled research team came together with one goal in mind: end any and all misconceptions surrounding the research mortgage program.

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“What Can I Do For You?”

We all know that good customer service is essential to the survival of any business. In the reverse mortgage industry, “what can I do for you?” is one of the most important questions you can ask a potential client.

You need to know a client’s personal situation in order to be able to help them accurately. Everything brings something different to the table, everyone is going through something different, everyone hopes for something different in retirement. In short, there are many factors that seperate a present client from a future one.

For this reason alone, the first thing out of your mouth should always be “what can I do for you?”

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“In Lieu of a Retirement Plan…Get a Reverse Mortgage Loan”

One of the big misconceptions about a reverse mortgage Loan is that it should be used in lieu of a retirement plan or if a previous plan fell through because of one reason or another. 

This is not true.

This is one of the reasons why the reverse mortgage loan earned a reputation for being a “loan of last resort” or only use in case of emergencies.

The reverse mortgage is a loan, which means you have to pay it back, but only if you pass away, are unable to live in your primary residence for a period longer than 12 consecutive months, do not keep up with your financial obligations or fail to comply with any other loan terms

At a time when most seniors are hoping to age in place, maybe with the help of a part time job, it’s important to consider that a reverse mortgage loan may also be a valuable sound investment for the future…even if…you have a retirement plan already in place.

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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 reverse mortgage and a fixed rate.

According to an article published by Reverse Mortgage Daily, the HECM Fixed Fortune is, in essence, similar to the HECM Fixed Advantage because it allows borrowers to access additional proceeds after the initial draw.

However, it’s different because any additional funds after closing must be accessed in four annual draws over a four-year period. In other words, borrowers can access their funds once a year, so they receive a quarter of their funds yearly.

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HUD Announces Implementation of Financial Assessment

The Department of Housing and Urban Development has finally made a decision in regards to the implementation of the financial assessment to the reverse mortgage program. In addition, it has also made a decision regarding the non-borrowing spouse by making changes to the amount of funds a borrower may have access to if they have a non-borrowing spouse.

In a report from the National Reverse Mortgage Lenders Association, HUD stated that it will publish two Mortgagee Letters in the following weeks to better explain the new rules to industry professionals.

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Reverse Mortgages Make Retirement Plans Easier Thanks to New Software

Reverse Mortgages Make Retirement Plans Easier Thanks to New Software

IBIS Software has developed two new software platforms for both loan original and financial planners which will allow them to input reverse mortgages into retirement portfolios based on the 6% rule.

The 6% rule is an upcoming trend in retirement planning, based on the original 4% rule, which states that a person planning for a 30-year retirement, whose portfolio is invested at least 50% in equities, can withdraw 4% of their initial portfolio value in the first year and increase those withdrawals according to cost of living changes. If executed correctly, and if the portfolio performs well in the first few years, then a person (or couple’s) “spending success” can increase by up to 90%.

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The Advantage of a HECM Fixed Advantage

Days after Reverse Mortgage Funding announced it’s plans to offer borrowers the HECM Choice, the fixed-rate reverse program product since HUD eliminate the fixed-rate Standard back in April, Live Well Financial, Inc. unveiled its new product, the HECM Fixed Advantage.

According to an article published by Reverse Mortgage Daily, the HECM Fixed Advantage allows borrowers to withdraw the remaining funds of their reverse mortgage 12 months after closing, instead of periodically via term or tenure payments. As with the HECM Choice, borrowers must withdraw 60% of their principal limit at closing.

In essence, the HECM Fixed Advantage is the same product as the HECM Choice, with one crucial difference.

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Consumers Have A “HECM Choice”

Back in April, HUD did away with the fixed-rate reverse mortgage product because of the potential danger it posed to the Mutual Mortgage Insurance Fund. The problem with the fixed-rate is the borrowers would take out all the fund available at closing or risk losing any fund that were left over.

This caused some borrowers to spend all the money, faster than they could or should have, without leaving enough to pay their homeowner’s insurance or property taxes throughout the life of the loan.  Borrowers who were unable to pay their financial obligations would find themselves in default and when the loan became due and payable.

In order to combat this, HUD removed the fixed-rate, leaving only adjustable rate reverse mortgage products. While this allowed consumers the freedom to take out funds at closing and save the rest in a line of credit or chose to receive tenure payments for a specified period of time afterward, interest could be adjusted, leaving some borrowers in fear.

According  to an article published by Reverse Mortgage Daily, Reverse Mortgage Funding is unveiling a reverse mortgage product, “HECM Choice,” a fixed-rate option for borrowers who want to have the security of a fixed interest rate throughout the life of the loan but don’t want to access all their funds at once.

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Baby Boomers Take Advantage of Their Empty Nests

Even while empty nests are potentially becoming a thing of the past, it seems some baby boomers are trying to combat this reverse trend by helping out their children monetarily before letting them move back home.

According to an article published in Reverse Mortgage Daily, a Del Webb Baby Boomer Survey, which surveyed more than 500 baby boomers this past September, found that 68% of “empty nesters” are much more likely to offer financial assistance than have them move back in.

One reason could be that they have decided to downsize, meaning less space for a child to move in after they have already moved out, or they have decided to move to a different state or retirement community.

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Baby Boomers See, Baby Boomers Do

Baby Boomers See, Baby Boomers Do

Retirement means something different for everyone. Even before the Recession, I’m sure there were retirees who never thought of retirement as “completely retiring yourself from the workforce and moving to Florida.”

We are all different, so it stands to reason that some people either remained in the workforce until they couldn’t anymore, or dedicated themselves to their life-long career part time and enjoyed other hobbies on the side.

If it is true that retirement is truly changing and becoming another stage in life, instead of the end of a long journey, then the habits of baby boomers who are planning for retirement may also be changing.

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It’s Important to Adjust Expectations…No Matter the Situation

The retirement expectations of middle income Americans are changing. The preconceived notion that Social Security and Pension funds will be enough to sustain a comfortable retirement is falling by the wayside.

A survey, published in Reverse Mortgage Daily, conducted by the Center for Secure Retirement, however, demonstrates that, while most Americans are aware of the current situation, few have taken the steps necessary in order to prepare themselves for retirement.

Out of all the people surveyed, roughly between the ages of 49 and 67, only 8% have a detailed plan laid out for their retirement while 72% have no plan at all and 20% have at least a rough outline for what their retirement income will consist of.

In truth, even if things are changing fairly quickly, consumers aren’t changing as fast as they should be. Many sites suggest consumers should start saving from their first job till their retirement, if only to build in the habit of saving and not spending.

This seems unrealistic.

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Reverse Mortgage Loans FAQ: “Should I Get a Reverse If Mortgage I’m Moving…(Eventually)?

Reverse Mortgage Loans FAQ: “Should I Get a Reverse If Mortgage I’m Moving…(Eventually)?

A reverse mortgage loan or a home equity conversion mortgage, is a mortgage that pays you based on your age, home equity and is contingent on whether or not you live in your primary residence.

Some homeowners, however, question their decision to get a reverse mortgage loan, especially if they have plans to move in the near future. It’s a valid question considering the loan will become due and payable if they are no longer live in their primary residence, for whatever reason, because the amount a borrower can potentially receive is also dependent on the amount of home equity they have accumulated through the years.

So the question remains: Should I Get a Reverse Mortgage loan If I’m Moving…(Eventually)?

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“Realtors Need to Know About Reverse Mortgages…”

“Realtors Need to Know About Reverse Mortgages…”

This is the headline in Reverse Mortgage Daily that led me to an article published by Inman.com detailing the benefits of a reverse mortgage for retiring seniors (when done right) as well as the pitfalls (if it is done incorrectly).

One of the highlights of the article was contributor Bernice Ross’ discussion on the Reverse Purchase or HECM for Purchase, which allows borrowers to purchase a new home to age in place while getting a reverse mortgage all in one easier, less expensive transaction. 
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“The Iceberg of Retirement”: Dealing with Hidden Retirement Concerns

Retirement concerns for many seniors can stem from one main concern: finances. How will I afford this? Will this be enough to pay for it? How much do I need to save? And the list goes on.

However, there are other concerns future retirees, especially those with a spouse should look into, namely, the unforeseen issues that may raise when one spouse, or both spouses, chose to retire.

An article published on FinancialAdvisor.com, which discussed emerging trends in the baby boomer market, brought up what writer, Robert Laura, likes to call, “the iceberg of retirement.”

What does this mean?

To Laura, who states in the article “traditional retirement planning is like an iceberg…,” there are more issues at hand when seniors plan for retire than what people traditionally concern themselves about.

Most importantly, he stresses the importance of seniors preparing themselves by talking about these issues with their spouse and choosing a financial advisor equipped to lead them through to a comfortable and fulfilling retirement.

Two of the most crucial items on Laura’s list were “preparing the marriage for retirement” and “staying mentally and physically active.”

That’s not to say the other items are less important but these two, to me at least, may be some of the most overlooked items can cause the most damage.

How?

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