Mortgage Mike - Reverse Mortgage
We work for you. We’ll help, advise, and do everything to get you into the home of your dreams.
Dear Mr. Militello I’d like to take this opportunity to thank you for the valuable assistance you’ve given me during this horrible time in my life. I truly appreciate the help you’ve given me pulling my home out of foreclosure. I am 87 and was a step away from being put out in the street…. [Read More]
A reverse mortgage has never been a one-size-fits-all solution. For some borrowers it helps bridge a specific financial gap; for others its a means of eliminating a monthly mortgage payment. Still for others, it’s a rainy day fund that can cover unexpected expenses. But there are other common problems a Home Equity Conversion Mortgage can… [Read More]
The old notion that reverse mortgages should only be taken out as a last resort simply is no longer true today. In fact, I believe there are five ways reverse mortgages can improve your retirement income plan. First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into… [Read More]
One of the biggest assets seniors have is their home, and in some situations those who are facing challenges in retirement may be able to live a bit more comfortably by tapping into their home equity, explains a recent article from U.S. News & World Report. Using a home as a retirement fund is one… [Read More]
There is a countless number of investment strategies retirees can use to plan for their financial future, but one method that has often been considered a last resort option may offer a “surprising” solution to retirement income planning, suggests a recent article from TIME Money. “Despite a bad reputation, reverse mortgages, which let retirees tap… [Read More]
Reverse mortgages have cultivated an aura of mistrust and skepticism over the years, mostly as a result of a generally misinformed public. But knowing how these financial products can play a vital role in retirement income planning can alleviate the most common fears about reverse mortgages, according to a recent TIME Money video segment. “Reverse… [Read More]
As baby boomers retire at the rate of 10,000 per day, many of them are woefully underfunded for their future retirement needs. While reverse mortgages have gotten a bad rap over the last decade, the product has changed and become more regulated. Reverse mortgages are now gaining a lot of attention as a viable option… [Read More]
There’s a 70% chance that people over 65 will need some kind of long-term care, including services such as home care, assisted living and skilled nursing, according to government statistics. There are lots of ways to pay for long-term care services, including Medicare, Medicaid, traditional health insurance, long-term care insurance, life insurance and annuities. Some… [Read More]
Two recent scholarly articles take a look at how Americans don’t always make the best pre-retirement decisions — and how they can adjust their outlook to incorporate home equity and other sources of cash for a more comfortable life in their later years. First up: “The Power of Working Longer,” a January working paper from… [Read More]
Once you’ve done your research on reverse mortgages and gained a more complete understanding of the product, the next step is to decide if a reverse mortgage is right for your situation. If you’re eligible (a homeowner 62 years of age or older with equity in your principal residence), this may be a quick decision… [Read More]
