What Mortgage Down Payment Do You Need? A First-Time Borrower’s Guide
Ask most people about the biggest obstacle to buying a home, and hands down, they’ll say it’s scraping together enough money for a down payment and closing costs. But understand a key point: This is not a separate and distinct issue from landing a mortgage. Lenders, after all, like to see clients lay down a…
Read MoreStudy: 72% of middle-class seniors may not be able to afford assisted living by 2033
A new study released by NORC at the University of Chicago finds that nearly three-quarters of American seniors will be unable to afford assisted living programs by 2033, excluding home equity wealth from the equation. However, even when home equity is included, less than half of seniors will be able to afford such care. “A…
Read MoreWomen have grown increasingly well-prepared for retirement, data suggests
Title IX of the Education Amendments of 1972 codified the prohibition of discrimination on the basis of sex, which includes pregnancy, sexual orientation and gender identity. In the 50 years since the passage of Title IX, women have made visible and demonstrable progress in the realm of retirement planning, according to a new research brief…
Read MoreSeniors and Exercise
How can seniors benefit from aerobic exercise? Like virtue, exercise is its own reward — and it can help you feel as strong as you did when John F. Kennedy was president. Lifting weights is an excellent way to roll back the years, but the cornerstone of most senior fitness programs is aerobic exercise. Anything…
Read MoreWhy High Senior Equity Makes It a Good Time For Home Modifications
Earlier this summer, homeowners aged 62 and older saw their collective housing wealth increase in Q1 2022 by approximately $520 billion to a record of $11.12 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. Such historic levels of home equity may mean that…
Read MoreHow Often Can You Refinance a Home Loan? More Than You Might Think
Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is long and enticing. But if you’ve recently refinanced but have seen interest rates drop even further—or start creeping up—you might wonder if you…
Read MoreMotley Fool: Home Equity a ‘Surprising’ Source of Retirement Income
While Americans have a multitude of potential options and avenues they can use to fund their life after completing a career, many Americans — including current seniors — often find themselves unprepared for retirement. This is why it may be necessary to seek out less traditional sources of retirement funding, and one such potential source…
Read MoreRaising the Roof: Here Are the 10 Cities Building the Most Homes for Buyers
As we enter Year Two of the coronavirus pandemic, home buyers seeking more space or a sanctuary of their own are struggling to find properties for sale. The number of listings for available homes is about half of what it was a year ago—and pickings were slim even then. Like it or not, it’s the…
Read MoreForbes: Reverse Mortgages Can Help Seniors Pay Down Debt in Retirement
One often overlooked tactic that seniors can employ when seeking to pay down outstanding debt in retirement is the strategic use of a reverse mortgage loan, one of several options that an older American can use when examining their finances during their post-working years. This is according to contributor Bob Sullivan and editor John Schmidt…
Read MoreCOVID-19 Completely Transformed the Way We Buy Homes—but Will It Stick?
Remember lazy Sunday afternoons when home buyers could leisurely hop from open house to open house, partaking of wine and cheese laid out to reel in more foot traffic—the more the merrier. Much can change in a year. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, triggering a wave of lockdowns…
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