Let’s examine a few of the best times to consider getting a reverse mortgage. When you don’t have enough income to pay your bills Many seniors have significant equity in their homes after paying down their mortgage over time, especially if home values have increased. Unfortunately, many of these same seniors struggle to meet monthly…

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Ideally, you have a sizable nest egg saved for retirement, but many people aren’t sure how to do that beyond allocating a percentage of money to their work 401(k) program. Fortunately, it’s easy to make some decisions now that could ensure a more stable retirement—and you don’t need to have a lot of financial knowledge to…

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A recent New York Times article offers a concise 5-year countdown-to-retirement plan, with the final year of the timeline being the time to –cautiously – consider a reverse mortgage. Offered as a way to make ends meet if you’re planning to stay in your current home, reverse mortgages are a “fourth- or fifth-tier line of…

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The share of older workers in the U.S. has grown significantly since the turn of the century, with 29.5% of workers in 2023 at least 65 years old, compared to 23% in 2000, according to a new report from the Employee Benefit Research Institute (EBRI). This occurred as labor force participation by older Americans between…

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Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive…

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Reverse mortgage use as part of a broader financial plan “is really the intention in the financial planning space,” Pfau told the outlet. While reverse mortgage customers benefit greatly from low rates, the current high-rate environment doesn’t fully cancel out their potential use as a planning tool, he explained. “It’s all about the sequence-of-returns risk…

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For new retirees who begin their non-working lives without the advantage of having savings, a new article from U.S. News and World Report offers up six potential steps people in that situation can take in order to enhance their financial standing in their retirement years. Among the included recommendations is the employment of the home…

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Retired couples who are Medicare beneficiaries could need as much as $413,000 saved to cover medical expenses in the latter stages of life, an increase over the previous year’s estimate of $383,000. This is according to new findings from the Employee Benefit Research Institute (EBRI). The figure is the “predicted savings target for Medicare beneficiaries…

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Putting off retirement planning is common among healthy seniors — to the point where a substantial majority of them would rather think about dying than how to plot out their remaining living years. Three-quarters of respondents to a survey from Home Instead, Inc., a home health provider, said they felt more comfortable thinking about funerals…

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