A new study from HSBC finds that the majority of working age people have major concerns regarding their retirement. The leading concern is existing mortgage payments and the strain it puts on finances. The study states that 34% of working age people doubt that they will be able to maintain a comfortable standard of living in retirement and 69% are worried about running out of money. Paying off a mortgage is one of the key reasons people are not preparing adequately for a comfortable retirement. Though it was not mentioned, a reverse mortgage can provide the solution in this case. Read more here.
Thursday, January 22, 2015
HUD Says Reverse Mortgages Are a Good Option
The Secretary of the Department of Housing and Urban Development (HUD), Julian Castro, recently stated that the Home Equity Conversion Mortgage (HECM) can provide a boost in retirement for aging Americans in certain situations. According to Castro, "While the loan doesn't fit for everyone, it can be a good option for those in the right circumstances trying to make it through retirement." Zillow's Chief Economist, Stan Humphries, also added that a reverse mortgage can help older Americans age in place. This was all part to an audience question during a fireside chat on January 21, 2015. Read more here.
Subscribe to:
Comments (Atom)