Posts Tagged ‘reverse mortgages’
How Much Does Lawn Care Cost? We Break Down What You’ll Spend
How much does lawn care cost? That’s a question home buyers don’t often consider as carefully as they should. When you first lay eyes on that gorgeous spread of grass, it tends to look much greener when you don’t own it. But once those weeds creep knee-high or the grass starts to brown, you’ll want…
Read MoreAs more seniors live alone, retirement finances could be challenging
Generation Xers and baby boomers who live alone in retirement may face unique financial challenges compared to other seniors, according to a column in The Street by Center for Financial Planning (CFP) partner Sandra D. Adams. After a New York Times story was published on the challenges of seniors living alone, Adams looked at data…
Read MoreAmericans are worried about outliving retirement savings, new report shows
While a majority of American workers believe that they’re building a sufficient retirement nest egg, more than one in three workers (37%) report that they’ve had to tap into their retirement accounts — including hardship withdrawals — to make ends meet, according to a recent report from the Transamerica Center for Retirement Studies. And, retirement…
Read MoreAs more seniors age alone, could reverse mortgages become key?
According to recent statistics, a higher number of American seniors are aging without a living spouse or biological children, raising questions about who will care for them if serious health issues or financial problems occur later in life. Issues associated with “kinless” seniors were highlighted this week in a New York Times article. According to…
Read MoreAre reverse mortgages an option for seniors who want to avoid nursing homes?
The full impact of the COVID-19 pandemic on the senior population is becoming clearer. According to recent estimates reported by the Washington Post, nearly 9 in 10 deaths attributable to COVID-19 were people aged 65 or older. Another pandemic-related point of clarity is related to older Americans who reside in nursing homes. Based on new…
Read MoreSeniors still making mortgage payments should consider HECM
Roughly 60% of homeowners at or approaching the age of 62 continue to make forward mortgage payments,a sizable expense as many people during that phase of life are transitioning out of their jobs and into a fixed-income environment. A reverse mortgage’s elimination of a monthly mortgage payment may provide needed financial relief for these seniors,…
Read MoreReverse mortgages have ‘reemerged’ to help pay for long-term care
Reverse mortgage loan proceeds can be used in a number of ways by borrowers who want to solve an issue with their cash flow. However, it’s becoming more and more common for borrowers to use the proceeds to pay for long-term care (LTC), like a nursing home, according to a recent article published in U.S.…
Read MoreReverse mortgage worth mentioning in housing conversations with seniors
Conversations with older adults related to the housing needs of later life can be sensitive and difficult to navigate, but offering a range of options about what directions that seniors can take their housing futures into can be beneficial. One such option could include a reverse mortgage, according to a new column published by AARP.…
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…
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