Love ‘em, hate ‘em, reverse mortgages are staying

A recent article in the El Paso Inc gives an insight to how the perception of reverse mortgages has changed.  More and more homeowners and professionals are learning that a reverse mortgage has been a good product all along, but they just hadn't realized that until recently.  Click on the link to read the entire article:

Love ‘em, hate ‘em, reverse mortgages are staying - Personal Finance - El Paso Inc.



And click here to learn more about reverse mortgages.

MarketWatch Says Reverse Mortgages Better Than HELOCs for Some

According to MarketWatch, a reverse mortgage may be a better alternative for some when compared to a home equity line of credit (HELOC).  The article provides three options on how to access one's home equity:  reverse mortgages, HELOCs and home equity loans.  The only option that does not require a monthly payment is a reverse mortgage, and the article cautions readers to consider the risk of losing your home if you can't make the payment.  Read the entire article here.  And find out more about reverse mortgages here.

Kiplinger Says a Reverse Mortgage Can Help Buy a Home

A recent article in Kiplinger supports the HECM for Purchase program (aka Reverse Mortgage Purchase program) as a way for senior homeowners to buy a new home without having a mortgage payment during retirement.  The article provides real life examples of couples who used the HECM for Purchase program to qualify for a more desirable home.  Many seniors are looking to either downsize to a smaller home or upsize to a nicer home.  In some cases, some are wanting to move to warmer climate areas or to be closer to their families.  This program can provide many seniors the ability to make a move that they never imagined they could.  Read the entire article here.
And find out more about reverse mortgages here.

Retiring With A Reverse Mortgage

A reverse mortgage is becoming more widely accepted as a retirement planning tool.  Recently, the mainstream media has been publishing more news articles in relation to reverse mortgages being a viable option for retirement.  For many senior homeowners, their home is their greatest asset in which a reverse mortgage can help them utilize that asset.  The online resource, Investopedia, just published an article titled "Steps To Retiring With A Reverse Mortgage".  It offers advice and tips on how to retire with a reverse mortgage.  Read the entire article by clicking here.

CFPB Updates Their Reverse Mortgage Guide

The Consumer Financial Protection Bureau (CFPB) updated their reverse mortgage guide on September 24th.  It highlights the new limits to lump sum payouts, first-year payouts, and HUD's new protections for non-borrowing spouses.  Read and download the entire guide by clicking here.

The Mortgage Hurdle To Retirement

More and more homeowners are carrying a mortgage debt, which is affecting retirement and spending for baby boomers.  As of 2011, nearly one-third of homeowners over the age of 65 had a mortgage compared to 22% in 2001 according to the Consumer Protection Bureau.  The LA Times recently published an article titled, "Many Seniors Trying to Retire With a Mortgage", and it gives real life scenarios of two separate baby boomers who used a reverse mortgage to help finance their retirement.  Read the entire article here.

No Longer a Seller's Market

It seems like there is a shift in the market, again.  Redfin's July 2014 Housing Market report states that, "seller's are finally catching on that it's not a seller's market anymore."  The result is from a slowdown in home price growth as well as a shift in pricing power from sellers to a more balanced market.  The ending of summer and start of fall will also motivate sellers to drop their listing prices further in attempt to sell before the end of the year holidays.  Read the entire report here.