Posts Tagged ‘reverse mortgage’
Reverse Mortgage Line of Credit Could Fund Long-Term Care
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 MoreTwo Key Reverse Mortgage and Retirement Resources
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 MoreTop 5 Reasons People Get Reverse Mortgages
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 MoreShould You Retire On Your House?
Many American households will face a significant retirement financing gap unless they save more, invest more efficiently, retire later, and/or distribute their retirement assets more efficiently. Yet the pain of such difficult behavioral changes might be mitigated by better use of an asset that almost 80 percent of retirees have: the family home. The Reverse…
Read MoreReverse Mortgage Line of Credit Could Fund Long-Term Care
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 MoreCould a Reverse Mortgage Save Your Retirement?
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 MoreDon’t Be Afraid of Reverse Mortgages
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 MorePutting it in reverse, advisors warm to reverse mortgages
It’s no secret that Americans are largely unprepared for retirement. But according to some financial advisors, they could be improving their financial standing significantly by factoring in home equity into a comprehensive retirement income plan. Reverse mortgages give seniors who are at least 62 years old a way to convert their home equity into cash.…
Read MoreReverse Mortgages Are ‘Surprising’ Option for Retirement Planning
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 More5 Ways A Reverse Mortgage Can Help Your Retirement
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…
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