About 60% of the homeowners reaching 62 today have outstanding mortgage balances, and most of them have limited financial assets. Such retirees, concerned (as most are) with having enough spendable funds during their retirement years, should take out a HECM reverse mortgage. This holds whether the HECM is used to pay off the existing mortgage or not. Yet less than 5% of them take a HECM, and those that do are more likely to use it to meet immediate needs rather than to strengthen their retirement.
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Reverse mortgages offer older adults a way to use their home equity to fund their retirement. A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash.
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Retirees may consider a reverse mortgage for inflation protection, financial experts say. Many older Americans worry about outliving their savings, and those fears have been magnified by recent spikes in inflation, eating away at retirees’ nest eggs.
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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
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The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for calendar year 2021 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage insurance programs.
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Nearly 70% of retirees will need some type of long-term care, according to the U.S. Department of Health and Human Services. As retirees live longer, many worry about outliving their savings. However, many older Americans haven’t planned for a looming expense: the cost of long-term care.
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In the eyes of many financial professionals, reverse mortgages have long been regarded as a measure of last resort for ensuring income in retirement. However, new research shows that reverse mortgages not only may be more helpful to a greater number of clients than ever before, but they may be a useful tool for anyone’s retirement planning expertise.
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By design, reverse mortgages are meant to make retirement easier — and keep people in their homes. But the product’s design today isn’t meeting many borrowers’ needs.
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A reverse mortgage is a cash loan that seniors take against their home’s equity. The lending bank makes payments in a single lump sum, in monthly installments, or as a line of credit.
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Reverse mortgage loans, a previously misunderstood financial product, is a smart way of accessing funds for your retirement. In fact, once you comprehend its many advantages, you’ll be wondering why people don’t have one.
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Homeowners may benefit from evaluating the options presented by a reverse mortgage — particularly a Home Equity Conversion Mortgage (HECM) sponsored by the Federal Housing Administration (FHA) — beginning at the eligible age of 62.
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The COVID-19 coronavirus pandemic has negatively affected American seniors both in terms of the more dangerous health effects of the illness itself, as well as the ability of older, traditional mortgage borrowers to make their payments on time.
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Don Graves interviews Bob Klein about his recent article: 5 Key Financial Metrics When Evaluating a HECM Reverse Mortgage.
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Even after decades of saving, most retirees find that their home is still their single biggest asset, according to a recent report from the Wharton Pension Research Council. And yet the question of what to do with a primary residence in retirement is often presented as binary: Stay put—or sell?
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If your retirement income needs are greater than your income, there may be ways you haven’t considered that could cover the shortfall. Home equity, for example, is an asset you may have overlooked, but you can borrow part of that equity tax-free to enjoy a more comfortable retirement.
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If you’ve taken a hard look at your retirement plan and aren’t entirely confident that you’ll be able to generate the income you need, it may be time to add your home equity to the mix.
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