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…

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Last year, retirees lost an average of 10% of their accrued savings for retirement. The average retirement savings dropped from $191,659 in 2022 to $170,726 by the start of 2023, according to a survey conducted by Clever Real Estate. The survey also shows that the share of retirees who have nothing saved jumped from 30%…

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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…

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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…

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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…

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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.…

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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.…

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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…

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