Reverse Mortgages for the South Puget SoundI have recently read several articles from different sources all indicating the concern for financial survival of retiring seniors. A National Institute on Retirement Security article indicates that 83% of Americans are anxious about their retirement. The report indicates that for decades, Americans have had access three sources of income for their retirement security in the form [...]
Seniors can use the proceeds of a Reverse Mortgage for as many reasons as you can imagine. Over the past few months I had clients who encountered medical expenses that were not covered by insurance and had also run up significant credit card debt. In addition they had a small mortgage balance on their home. [...]
A recent study reveals that many Americans acknowledge their potential need for long-term care, but they do not understand their options. Most of us who have had some experience with the long-term care of a loved one understand the financial strain that long-term care can cause their families. In the survey, approximately 36 per cent of the respondents [...]
I was recently reading a Retirement fitness survey conducted by Wells Fargo and Company. The survey revealed that nearly three out of four working middle class Americans between 25 and 69 expect to work through their retirement years. It seems that the reason for this is a big deficit in retirement savings and lifestyle choices. [...]
Last week, the results of a six month study, compiled by Nyhart on employee retirement preparedness revealed that the majority of American workers will not be able to afford retirement until 73 years of age. This study is identified as the “Fall 2010 401K Retirement Readiness Study”. The article claims that the study reviewed almost 10,000 [...]
Historically, financial planners have helped prepare seniors financially for retirement with a 3 legged stool approach. The sources of income typically included for consideration after retirement was pension income or more recently a 401K or IRA, personal savings, and social security. Employees receiving pension income have become less common, and retirement savings has more commonly been [...]
Baby Boomers who are supporting aging parents as well as children, are being refered to as the “Sandwich Generation”. A recent survey indicates that this generation is feeling the stresses of funding their retirement while also that of parents. According to the survey, 78% fear that they will not be able to retire comfortably, and 52% indicate [...]
The advantage of using a reverse mortgage, or at least some of the proceeds of a reverse mortgage to allow clients to purchase long-term care insurance can be a good option for some seniors. For years, the long-term care industry has heard from clients that one of the largest road blocks to long-term care planning is [...]
Recently I was reading an article from Bloomberg Newsweek. It seems that as recent as 10 years ago, reverse mortgages were primarily used by widow’s well into their 70′s with little retirement income. Now with the significant losses in retirement savings due to our recent financial crises, interest in reverse mortgages has increased by younger [...]
October 4th, HUD implemented changes to its Reverse Mortgage program. Most of the changes were anticipated but not all. There was some good news, and some not so good news. In the not so good news, HUD increased the annual mortgage insurance premium from .50% to 1.25%. This does not effect the amount of loan proceeds received [...]
