Retire Right: Second mortgage program with no monthly payments
This second mortgage program is not for everyone, but it can again be a great alternative to doing a traditional reverse mortgage and a great alternative to doing a HELOC.
Retire Right: Are you worried about interest rates?
Are you concerned about what interest rates are going to do this year? You are certainly not alone, and many people have speculated that mortgage rates will continue to go up this year and possibly even reach 8%. That is where the “optimal rate lock” program with a Home Equity Conversion Mortgage (HECM) is a fantastic solution. Let me explain.
Alternative financing when mortgage rates are too high for comfort
As mortgage rates rise, it isn’t quite as easy to come up with alternative financing ideas as in “the olden days”! However, there are a few alternatives that are still out there.
What to do about your mortgage if you lose your job
If you’ve lost your job and feel that you can’t make your mortgage payments, don’t panic. While you decide on the next step to take, keep the following in mind.
Shopping for a Lender
The most important step in the home buying process, if you aren’t paying cash, is securing a loan. You’ll need to shop for a lender, compare loan products and get that all-important loan pre-approval letter. Today we’ll take a look at how to go about choosing a lender.
Navigating the reverse mortgage market: The importance of the lender experience
While interest rates and fees are significant factors to consider, one of the most important factors is often overlooked, and that is the lender’s experience.
Retire Right: Ongoing improvements and safeguards
Reverse mortgages have been around since 1988 and there have been dozens and dozens of revisions and improvements over the last 35+ years. Some of the best and most significant changes have just occurred in the last 10 years.
Will your children make or break your retirement plans?
Adult children, along with other heirs, can make or break your overall retirement.
The sandwich is real
On top of the expenses for aging parents, the sandwich generation is also continuing to support their own children and incurring those ongoing living expenses and possibly college expenses as well. Plus, these folks must also work on their own retirement plans and save money for their own future at the same time.
Retire Right: When life happens, and your plans change
A reverse mortgage is such a powerful tool because it allows you the ultimate flexibility of not being forced to make mortgage payments of principal and interest.
Removing Private Mortgage Insurance from your mortgage payment
If you think the value of your home has gone up enough in the last two years that its current value places the loan at 80% loan-to-value or less, you can request the PMI be removed.
30-year mortgage rates keep falling, move below 7.5%
The average rate on 30-year fixed mortgages retreated to 7.41% this week, down from 7.55% the previous week, according to Bankrate’s weekly national survey of large lenders.
Retire Right: 3 reasons to include family and heirs in your planning
Here are 3 top reasons to include your family and/or heirs in your reverse mortgage conversations:
The Swiss Army Knife of Mortgage
What I love about the Home Equity Conversion Mortgage (HECM) is that the ways to utilize the program are endless and it can be used by virtually anyone age 62 and over with a significant amount of equity in their home.
Retire Right: What keeps you awake at night?
For many people, retirement represents an exciting new stage of life. However, there are downsides to aging and to retirement, most of which are new financial concerns. Let me give you a few of the top financial concerns of Americans today.
Retire Right: Advantages of making payments on a home equity conversion mortgage
You might ask yourself, why would I want to make mortgage payments if I’m not required to make mortgage payments? Well, there are a few advantages of making payments with a reverse mortgage that you don’t necessarily get with a traditional mortgage. So let me explain.
Retire Right: The growing line of credit of a Home Equity Conversion Mortgage
One of the most amazing and strategic features of the Home Equity Conversion Mortgage (HECM) is the growing Line of Credit (LOC).
Retire Right: Why reverse mortgages had a bad reputation
Over the last 35 years, there have been dozens of changes and improvements to make reverse mortgages better and safer than they had been historically.
To wait or not to wait, that is the question
As Americans, we are typically very reactive versus proactive. I am here to tell you that nothing gets better with time except fine wine and cheese (at least that is what I am told). Let’s take a few examples that many of us can relate to in our everyday lives. Let’s...
What does your retirement picture look like? Picture your grandparents’ retirement
What did life look like back then? How much did a gallon of gas cost? How much did a dozen eggs cost? How much did a bottle of soda cost? How much did homes cost? Now visualize your retirement. Does it look the same? What’s different?
Retire Right: Is the Goal to Pay Off Your Mortgage?
Many of us have deeply rooted beliefs, which date back to the Great Depression, that we must pay off our mortgage. Does this belief still hold true today? Is paying off your mortgage the best investment strategy given all the new products and solutions available?
Retire Right: Most Common Uses for a Reverse Mortgage
In general, I believe there are three primary categories of the ways that homeowners use a reverse mortgage: needs based, lifestyle based and planning based.
Three Little Numbers: A History of Credit in America
America’s love-hate relationship with credit is no new phenomenon. In fact, it began before the turn of the 20th century.
Retire Right: Why Reverse Mortgages Can Be Confusing
I have had clients in the past tell me that reverse mortgages are confusing, and I do not disagree, they certainly can be confusing.
US mortgage rates retreat to 6.23%, lowest in four months
U.S. mortgage rates fell to a four-month low last week, supporting more home purchases and refinancing.