As 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 More]

Americans 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 More]

Seniors 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 More]

Reverse 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 More]

Motley Fool: Home Equity a ‘Surprising’ Source of Retirement Income

While Americans have a multitude of potential options and avenues they can use to fund their life after completing a career, many Americans — including current seniors — often find themselves unprepared for retirement. This is why it may be necessary to seek out less traditional sources of retirement funding, and one such potential source… [Read More]

Forbes: Reverse Mortgages Can Help Seniors Pay Down Debt in Retirement

One often overlooked tactic that seniors can employ when seeking to pay down outstanding debt in retirement is the strategic use of a reverse mortgage loan, one of several options that an older American can use when examining their finances during their post-working years. This is according to contributor Bob Sullivan and editor John Schmidt… [Read More]

Half of U.S. Households Face Retirement Risk

Based on the recent release of the Federal Reserve’s 2019 Survey of Consumer Finances (SCF), as much as half of today’s current American households are at serious risk of not having enough resources in retirement. Some of these risks can be mitigated with financial products including reverse mortgages, but more action is needed to fix… [Read More]

U.S. News: Social Security Retirement Age Hits 66 and 10 Months in 2021

While a retiree can begin claiming his or her Social Security benefits at age 62, payments at that age will be reduced for anyone seeking them before full retirement age. As of January 1, for many Americans full retirement age does not begin until someone reaches age 66, but also not right at the birthday,… [Read More]

Deciding if a Reverse Mortgage Makes Sense for You

A reverse mortgage, specifically a federal government-sponsored Home Equity Conversion Mortgage (HECM), has a lot of moving parts that may make the product concept intimidating for some people. For those who are looking for alternative ways to try and create more cash flow in retirement, there are clear benefits as well as some inherent complexities… [Read More]

USA Today: Reverse Mortgage Could Help Retirees Avoid Exhausting Funds

The judicious use of a reverse mortgage has the potential to aid those at or near retirement in avoiding exhausting their financial resources while on a fixed income, something that is likely of particular interest to those who are concerned of outliving their resources well after they’ve retired from a career. This is according to… [Read More]