Helpful articles to get you on
the path to a better retirement.
How A Reverse Mortgage Could Help You Retire Better
Imagine waking up in retirement to find you no longer have a mortgage and there’s $50,000, $100,000, or $250,000 more in your bank account than you expected. This scenario isn’t just a castle in the sky. In fact, it plays out every day. The way it happens is with a reverse mortgage, and more than […]
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10 Facts About Reverse Mortgages That People Tend to Overlook
Until you were eligible for Social Security and Medicare, or approaching the age when you would be, you may not have known exactly how these two pillars of retirement worked. You may not have understood, for example, that Medicare isn’t free or that for every year that you delay taking Social Security past full retirement […]
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Are Heirs Responsible for HECM Reverse Mortgage Loan Debt?
If you are the heir of a Home Equity Conversion Mortgage borrower who has passed away, you are not personally responsible for paying off the debt, but you are in a position to decide how the debt is paid. You have several options and should select the one best for your situation. Here are the […]
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10 Facts Heirs Need to Know About Home Equity Conversion Mortgage (HECM) Reverse Mortgages
If a reverse mortgage borrower sells the home or moves away permanently, the loan becomes due and payable. But the truth is, most reverse mortgage borrowers use the loan to age in place, leaving repayment of the loan to their heirs. As with any mortgage, the borrower could be subject to foreclosure for failing to […]
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Ideal Candidates for a Reverse Mortgage
There may be as many reasons to consider a reverse mortgage loan. The first reverse mortgage in 1961 went to a widow whose wish was to continue aging in her beloved home without the financial burden of monthly mortgage payments. In exchange, she agreed to maintain her home and stay current on her property taxes […]
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CA Prop 19 Expands Homebuying Opportunities
With the Nov. 3, 2020 passage of California’s Proposition 19, homeowners age 55 and older can now transfer their home’s Proposition 13 tax savings to a replacement home, including a more expensive one, anywhere in California. The tax break, which can be used up to three times, also extends to California homeowners with severe disabilities […]
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Reverse Mortgage and Medicaid: What You Should Know
Medicare is Awesome, But It’s Not Free – The Medigap v. Advantage Decision Generally, if you have reached the age of 65 and you have paid Medicare taxes (these are the FICA deductions on your paycheck) for at least 10 years, you will likely be eligible to receive Medicare benefits. But Medicare (Part A, hospital […]
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Can a Family Member Be Added to a HECM Reverse Mortgage?
People seem to enjoy making additions of one sort or another. Homeowners might add an extra bedroom to accommodate visiting in-laws. Golfers might add a solo player to complete a foursome. Or magicians might add a routine to improve their act. Unfortunately, however, you can’t add a family member to existing Home Equity Conversion Mortgages, […]
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What You Need to Know About a Non-Borrowing Spouse
Since their introduction in 1961, reverse mortgages have been continually improved and strengthened, making them an even better financial option for older Americans seeking to live in the home they love while gaining extra cash for their retirement. One standout improvement has been increased financial protection and security for non-borrowing spouses. A non-borrowing spouse is […]
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Reverse Mortgage Age Requirement: When to Get a Reverse Mortgage Loan
When is the best time to get a reverse mortgage loan? If you are at least 62 or over (the age requirement of the loan), the best time might be now. That’s because, included in a reverse mortgage’s many payout options is the reverse mortgage line of credit. By taking out the line of credit […]
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