Reverse mortgages give affluent seniors important financial options when it comes to tapping into the equity in their homes. But what kind of seniors value this flexibility the most? Those counting their pennies? Or those seniors considered “affluent” with a significant net worth? A recent study published in the Journal of Financial Planning has surprising
Homeowners Insurance Premiums Are On The Rise
Recently, hurricane IDA left homeowners in Louisiana devastated. Homes have been damaged and destroyed and some seniors are still trying to recover the cost of their damages. If that is not enough, those homeowners are now paying more for their homeowner’s insurance premiums, making their cost to maintain the home more expensive.  For homeowners who
3 Ways An HECM Reverse Mortgage Can Benefit You With The New Spending Limits.
HECMs (Home Equity Conversion Mortgage), are the most popular reverse mortgage program there is. It is insured by the Federal Housing Administration (FHA) and may have several benefits to you if you meet the age requirement of 62 and own your home. These mortgages are not new by any means. Did you know the first
Is the FIRE Movement a real thing? Here’s what your clients are thinking
The American Dream is changing. It used to be: get a job or start a business. Work hard until you reach 65, then retire. Not anymore. These days, an increasing number of seniors have a new idea in mind: FIRE Or what’s called the “Fire Movement”: Financial Independence, Retire Early. Is FIRE a Real Thing?
Reverse mortgages have fallen victim to negative perceptions for years. It’s understandable. The early days of reverse had many of us believing that the benefit of a reverse mortgage was only for seniors who were struggling with finances and needed a quick way to get cash. But those days are long gone. Now, we’re seeing
For years financial planners have steered clear of talking up reverse mortgages as retirement planning and income tools for their clients. It’s easy to see why. The few horror stories of ‘reverses gone wrong’ have overshadowed the positive experiences many reverse borrowers in ideal situations have. Those past horror stories likely involved lenders who didn’t
If you’re like me, you remember Tom Selleck sporting a Hawaiian shirt and Tigers cap as Magnum PI a long time ago. Or maybe you think of Tom Selleck today as Frank Reagan from Blue Bloods. Both Magnum & Reagan are honest, ethical characters. You can trust them. But can you believe America’s favorite lawman
Last month, we covered how reverse mortgages have quickly become reliable tools for the new wave of ‘pandemic retirees’ who qualify and look to age in place in their homes. This month, we cover the age-old question of reverse mortgages: When do they make sense? Whether you’re looking for guidance for a client – or
  COVID has put life transitions on the fast track for many Americans over the last 9 months. Millennials – once reluctant homebuyers – are now making purchases in waves thanks to historically low mortgage rates and low housing inventory. Recent trends also indicate a surge of early retirement among seniors, as businesses close or
2021’s Meager Social Security COLA Increases Financial Strain on Retirees
Think about how much a couple of pizzas runs these days. Probably about $20. As long as you don’t order extra toppings. That’s the same amount the Social Security Administration will raise its monthly stipend for beneficiaries beginning in January 2021. It’s the annual Cost of Living Adjustment, or COLA. And if you’re thinking it