Who uses a reverse mortgage to purchase a house?
It’s safe to say that many people know that a reverse mortgage is a loan that can be used by a older homeowner who wants to extract the equity in their house. But what many people don’t know is that there is a type of reverse mortgage that can be used to purchasea house. And while […]Read More
Housing Wealth for 62+ Reaches $6.9 Trillion in Q2
Housing wealth for homeowners 62 and older grew to $6.9 trillion in Q2 2018, an increase of $130 billion in senior home equity over Q1 2018, reports the National Reverse Mortgage Lenders Association today in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index. The RMMI rose to 249.37 in Q2, another all-time high […]Read More
Why Seniors Choose the HECM for Purchase
Lifestyle, ease of upkeep, and proximity to family are main criteria for seniors who choose a Home Equity Conversion Mortgage for Purchase loan, many originators agreed. Christina Harmes, assistant manager for C2 Reverse in San Diego, said she has clients looking to upsize, downsize, move to the city or relocate to the country, but most […]Read More
1 in 3 U.S. Households Will be 65+ by 2035
The statistics about the waves of baby boomers turning 65 each day are old news to anyone who works in a senior-focused industry. But a new report from Harvard University adds a new twist to measuring the coming wave of American seniors: In 2035, households with members aged 65 and older will account for a […]Read More
AAG and FAR Partner to Expand Jumbo Product Reach
Two of the biggest names in the reverse mortgage industry are teaming up in an attempt to expand the reach of proprietary products. American Advisors Group will begin offering Finance of America Reverse’s private HomeSafe loan on a correspondent basis, RMD has learned. Under the agreement, the Orange, Calif.-based AAG will offer the HomeSafe — a proprietary […]Read More
Advisors must court their clients’ children to secure assets
Much has been made of the massive generational wealth transfer, from aging baby boomers to their millennial and Gen Z children, that’s coming over the next several decades. But in some quarters this $30 trillion exchange is being met with a lot of hand wringing. As big as the transfer is, there’s an equally well-known statistic that […]Read More
How Long Does $1 Million Last During Retirement?
Check out this infographic from GoBankingRates to see how long $1 million will last during retirement for each state. If clients have their heart set on retiring in Hawaii, let them know their funds won’t make it 12 years in the Aloha state.Read More
Retirement Investments Leave 30% with Limited Savings
Baby boomers and seniors who proactively set up retirement accounts have more than $100,000, on average, in savings than their peers who did not, according to a recent study by personal finance publication MagnifyMoney. But across the entire board, 29% of households have less than $1,000 saved in any type of account. Using data from […]Read More