article 1

Are Heirs Responsible for Reverse Mortgage Debt?

If you are the heir of a reverse 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 most advantageous for your situation. Here are the options: […]

Read More
article 1

Consider All Financial Options Before Raiding Your Retirement Accounts

The coronavirus has spread well beyond being just a health crisis. Fallout from the virus has also forced Americans to grapple with how they are going to pay their mortgages, rent, and put food on the table as unemployment trends hold steady. The U.S. government has responded with an unprecedented economic package totaling trillions of […]

Read More
article 1

10 Facts Heirs Need to Know About 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 reasons including […]

Read More
article 1

Why You May Need to Act Now While Interest Rates Are Low

Seize the moment! Remember all those women on the Titanic who waved off the dessert cart. – Erma Bombeck One of the biggest stories of 2020 was the record-low mortgage rates that continued to favor borrowers. Mortgage rates fell to record lows 16 times throughout 2020, feeding a home purchasing and refinancing frenzy.1 Driving the […]

Read More
article 1

The Fresh Start Initiative

A long time ago, in a galaxy, far, far away, you might have been debt free. Maybe it was before you bought your first car, went off to college, bought a home, or started buying nice things to fill your home. Or maybe it was before you were handed a jaw-dropping medical bill you simply […]

Read More
article 1

Ideal Candidates for a Reverse Mortgage

There may be as many reasons to consider a reverse mortgage loan as there are people at least 62 years old — the minimum age to apply for one. That’s because each older American is unique, with diverse financial needs and goals. The first reverse mortgage in 1961 went to a widow whose wish was […]

Read More
article 1

Retain Your Home and Age in Place in Uncertain Times

Homeownership offers many advantages, not the least of which is the opportunity for appreciation, an increase in your home’s equity over time. For example, a median-priced home in the Minneapolis/St. Paul area was about $164,000 in 2011. By July 2020, the median home price in the same Twin Cities metro region was $305,000, an increase […]

Read More
article 1

Ways to Get Your House in Financial Order

“If you think nobody cares if you’re alive, try missing a couple of car payments.” – Earl Wilson Over the decades, you’ve probably uttered a variation of the statement, “I need to get my act together.” In your 20s, maybe you were trying to decide on a career path. In your 30s, maybe you wrestled […]

Read More
article 1

Financial Planning is Important for Retirement

Even when you were younger, you wouldn’t think of scaling Half Dome without exhaustively planning every detail and contingency for your ascent. Well, the importance of financial planning for your retirement should take on a similar approach. Here are five reasons financial planning is so essential for your retirement: Planning implies active intent, interest, and […]

Read More
article 1

How to Create an Emergency Fund

An “emergency fund” is essentially a cash reserve set aside for unplanned expenses or financial emergencies. It’s your defense against Murphy’s Law, the idea that anything that can go wrong will go wrong over time, which could negatively impact your home, health, or finances. While defining an emergency fund is relatively easy, determining how much […]

Read More