Archive for December 2014

Downsizing Your Home Without Downsizing your Pocketbook

When Gayle and Arthur Zamchuck started thinking about refinancing the mortgage on their home in Evanston IL, they assumed that they’d need to refinance in order to finance a move to a smaller home. But after speaking with a reverse-mortgage adviser the couple discovered that if they took a home-equity conversion mortgage (HECM For Purchase), [...]

New Rules for a more Viable Reverse Mortgage Product

Financial advisers have been reviewing the new regulation changes to federal reverse mortgages. The changes, the latest in an itinerary of revisions that have taken place over the past two years, are transforming Reverse Mortgages from a “loan of last resort” to a viable financial planning tool.
Advisers note that these key changes are paving the [...]

Using your Resource to Increase Home as a your Retirement Income

If you speak to a financial adviser about ways to increase your retirement income, s/he’ll probably tell you to start by reviewing your available resources and thinking of creative ways that you can maximize those resources.
For most retirees, their most valuable resource is their home. By retirement age, a person’s home is generally completely or [...]

FAQs from the Consumer Finance Protection Bureau

To meet the upsurge in interest in Reverse Mortgages, the Consumer Finance Protection Bureau has put together a new online resource to answer some of the most frequently asked questions about the Home Equity Conversion Mortgage product.
There are numerous topics, but some of the highlights of the booklet include questions about the suitability of a [...]

Where are Reverse Mortgages Heading?

Based on projections for the coming year, financial planners see Reverse Mortgages heading upwards. Over the past few years numerous changes have been made in the Home Equity Conversion Mortgage structure to strengthen the product and make it a safer loan for borrowers, lenders and the Federal government. Standards have been toughened and are continuing [...]