Reverse Mortgages are becoming increasingly popular. In fact, the National Reverse Mortgage Lenders Association states that they saw a 34% year-over-year increase in reverse mortgages in 2020, placing the number at 43,000. With this increase, we can ascertain that more seniors are viewing these loans as viable options to help supplement their incomes during retirement…. Read more »
When you live in your house for a long time, you build up equity in it. With each mortgage payment you make — especially when paired with rising home values — you are increasing the amount of money you have in your home. While this will certainly benefit you if and when you decide to… Read more »
One of the biggest questions and concerns surrounding reverse mortgages — and loans in general — is what the repayment process looks like. When receiving a loan, it is essential to understand your repayment obligations, so you do not encounter any surprises for which you are unprepared. Reverse mortgages, in particular, are unique loans, as… Read more »
A reverse mortgage loan is a great way to enjoy a more flexible retirement. As many people reach their golden years, living on a fixed income can cause stress and generally limit their options for living their life as they please. There are lots of ways to spend the funds you receive from a reverse… Read more »
If you are unclear about reverse mortgages, you are not alone. You likely haven’t heard about them until quite recently, and there is absolutely nothing wrong with this; because you are not eligible for one until you are 62, they have likely been off your radar for most of your life. When you and many… Read more »
Reverse mortgages are helpful loans for myriad reasons; they turn stagnant home equity into spendable cash, any funds borrowers receive are considered non-taxable income, and they do not have to be paid back until the borrow stops living in their home. In some cases, borrowers decide to move out of the home they received their… Read more »
It is undoubtedly exciting when your parents reach their retirement. After all, they have worked hard for decades, building their lives, growing their families, and caring for you. They deserve the utmost relaxation and enjoy their golden years to the fullest. While they are now likely eligible for Social Security or their pension, these income… Read more »
Anytime you make a large decision, it is important to be fully informed. The last thing you want is to take a major step only to realize it wasn’t the right move, especially when it is too late. Whether you are buying a car, deciding on a university, or buying a house, you need to… Read more »
Reverse mortgages are immensely helpful for seniors who need supplementary income. Many of those who are eligible for these loans are on fixed incomes and benefit from turning their home equity into liquid, spendable funds. Although these mortgages assist in having more money during one’s golden years, it is still necessary to have enough available… Read more »
Responsibly managing and saving your money is important and relevant at all ages, but it is especially essential when you are a senior. Those who are in or nearing retirement need to have sound strategies in place to ensure that they can continue to maintain their lifestyle when their sources of income change. The biggest… Read more »
