Reverse Mortgage Info

Recent Posts

  • Applying for a Reverse Mortgage : What to Expect

    If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog).  So what comes next? Here’s a quick run down of what to expect… Age qualifications.  You’re probably […]

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  • Are You Ever Too Old For A HECM Reverse Mortgage?

    The minimum age for a reverse mortgage loan is 62, but what about a maximum age?  Is anyone ever too old for a reverse mortgage?  I don’t think so, although it won’t be right for everyone. Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples.  There are […]

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  • Why Your Retirement Will Be Different Than Your Parents

    Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years.  It would be a time when they stopped working and lived off the fruits of their savings and investments.  Retirement planners used a three-legged-stool strategy back then.  The make up of this stool was Social Security, employer-sponsored […]

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  • Delay Social Security Payments with a HECM Reverse Mortgage

    When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70.  But many seniors need this income as soon […]

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  • The HECM Reverse Mortgage Line of Credit, Explained

    The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works.  Well, they need to get on board because consumers are interested – and they should be.  Here’s why.. First, what is a line of credit?  Simply put, […]

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  • The HECM Reverse Mortgage Maturity Event

    When a conventional mortgage is taken out, there is always a maturity date. This date designates, if the borrower never defaults, the last payment (including all interest and principal) bringing closure to the loan. With a HECM reverse mortgage there is a maturity event, that is, a designated event in the borrower’s life which makes the loan […]

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  • Can I Get a HECM Reverse Mortgage if I have a HELOC on the Home?

    The short answer is – absolutely.  And as a matter a fact, HECM reverse mortgages are great options to eliminate HELOC payments. A HELOC is the acronym for Home Equity Line of Credit, and thousands in Connecticut have taken advantage of it. When the housing boom was in full swing a number of years ago, the values of […]

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  • Only 3% of Seniors Use a HECM Reverse Mortgage to Purchase a Home – But Why?

    Why is it that only 2-3% of older Americans use the HECM Reverse Mortgage for Purchase option to buy a home?  Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash.  Why is that?  Well, surveys have shown there are three main reasons: 1.) […]

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  • Can I Sell My Home That Has An Existing Reverse Mortgage?

    Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there.  But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable.  So, what now? Although this is an important factor, it’s not nearly as daunting as […]

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  • Should You Pay Off A Traditional Mortgage With A HECM Reverse Mortgage?

    A recently released university report by the Michigan Retirement Research Center and funded by the Social Security Administration showed that 55% of those utilizing a HECM reverse mortgage are using some of the proceeds to pay off a traditional mortgage. So, when is this a good strategy? 1.) They’re living in a house they can’t afford […]

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  • Is The Retirement Crisis Really THAT Bad?

    Numbers are being released showing that the impending retirement crisis may be worse than originally thought. Half of Americans have less than $10,000 in savings.  Nearly half of the oldest Baby Boomer generation have insufficient resources to pay for basic retirement living expenses and healthcare costs. The Center for Retirement Research at Boston College estimates […]

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  • HECM Reverse Mortgages in Connecticut – 5 Fast Facts

    The HECM Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Connecticut, marketing can promote it in such a way as to allure you – or to terrify you. There […]

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  • Banks vs Brokers vs Direct Lenders – Navigating HECM Reverse Mortgage Professionals

    So, who are these HECM Reverse Mortgage professionals, anyway?  And how do you know which is the right fit for you?   I was recently asked by a borrower’s attorney to take over a loan application, because after two months nothing, and I do mean nothing, had been done by the original reverse mortgage  broker!  It’s […]

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  • Today Show : Part 1 – How To Help Your Aging Parents Find The Best Place To Live

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 1 – How To Help Your Aging Parents Find […]

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  • Today Show : Part 2 – Is A HECM Reverse Mortgage Right For Your Aging Parents?

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 2 – How to Handle the Cost of Aging […]

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  • Today Show : Part 3 – Helping Parents Make Legal, Medical, and Financial Decisions

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 3 – Helping Parents Make Legal, Medical, and Financial […]

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  • Should Your Financial Planner Be Discussing HECM Reverse Mortgages?

    When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a HECM reverse mortgage was rarely part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgages […]

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  • The Reverse Mortgage Home Appraisal

    Getting assessments on just about anything can seem laborious or tedious; who wants to have something close to them looked at with a magnifying glass? But appraisals for HECM reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a […]

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  • Do You Need A Connecticut Elder Law Attorney?

    Elder law is a relatively unknown segment of law and is often overlooked when seeking legal solutions.  But for some older individuals and their families an elder law attorney may be exactly what they need.  Elder law is very broad and includes things like estate planning, probate, guardianship, real estate, nursing home neglect and a dozen […]

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  • 6 Reverse Mortgage Myths That Need Debunked

    The HECM Reverse Mortgage program was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life in America after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved […]

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  • Should Your Elderly Parent Age In Place?

    As you watch your parents or loved ones age, it can sometimes be a struggle to determine the best option for their long term housing. Should they age in place in their home? Should you make space in your home for them? Should they move to a long-term care facility? Or should they move to a […]

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  • Harvard Study Predicts Surge In 65+ Households

    A recent report by the Harvard Joint Center for Housing Studies, Projections and Implications for Housing a Growing Population: Older Adults 2015-2035, it is predicted that by 2035 one in five people will be aged 65 and older while one in three households will be headed by someone of that age and older. The report included the use […]

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  • Your Reverse Mortgage and Taxes

    There are many differences between a reverse mortgage and a traditional mortgage – and taxes are a big one.  Here’s a run down of what to expect come tax time if you have a reverse mortgage. The Tax Liability Issue Because any funds you receive from a HECM reverse mortgage are essentially an advance on […]

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  • Managing HELOC Debt Burden With A Reverse Mortgage

    At the peak of the housing boom in 2005/2006/2007, many people took out HELOC (Home Equity Line of Credit) loans that allowed interest only payments for 10 years. But after that 10 year term is up, everything changes as principal is now added to the interest payments.  Then to add insult to injury, many people […]

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  • 3 Important Changes for Reverse Mortgages in 2017

    The reverse mortgage program is constantly evolving and has been since it’s inception nearly six decades ago.  With the ever changing needs of older Americans and the revolving door of politics, making positive movement is a necessary part of the big picture, and these changes are largely beneficial to the industry as a whole, as well […]

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