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Program Losses Spur Government Changes
U.S. Department of Housing and Urban Development (HUD) announced Tuesday, August. 29, it will raise up-front fees and tighten limits for the HECM Reverse Mortgage program to avoid having to dip into the U.S. Treasury to cover troubled borrowers. These means radical changes to the HECM Reverse Mortgage program in the very short term. I do not believe the loss estimates that are being made public. This would imply that the program is being run inefficiently. Huge losses would also not be revealed overnight. There would have been indications. For this reason, I belie...
September 6th, 2017 | Eligibility for Reverse Mortgage, HECM Reverse Mortgage, Seniors, Reverse Mortgage, HUD, Program Losses Spur Government Changes
Creating Constructive Options for the Division of Property for Retirees
The words retired, fixed income, and divorce don’t always go that well together. Many retirees live primarily on Social Security and a small amount of investment income. A divorce, no matter how amicable, will often require the division of property. It is not uncommon for people to feel pressured to sell the home, due to current mortgage balances that are unaffordable, with a separation of income during a divorce. In other instances, couples will attempt to leverage up with inexpensive home equity lines of credit as a means of dividing the property. Both of these ...
August 10th, 2017 | Reverse Mortgage, HECM Reverse Mortgage, Seniors, Gray Divorce, Retirement security, Creating Constructive Options for the Division of Property for Retirees
Exploring the Labyrinth of Funding and Planning for Care
The most prevalent type of care that most of us will face for ourselves and our families will most likely be related to various forms of in-home care. This has become the most preferred and cost efficient means of care, ranging from basic companionship to highly skilled care. As we benefit from the technological age, we may also discover that longevity is not free. With longevity, comes the need for care and a solution for how to pay and plan for care.The first topic on the radar that usually presents itself when addressing the need to fund care is long term care insurance. T...
July 10th, 2017 | Home Care, Long Term Care, HECM Reverse Mortgage, Senior Care, Exploring the Labyrinth of Funding and Planning for Care
Consider the Alternatives to Expensive LTC Policies
I completely agree with the authors opinion on long term care policies. After doing significant research for myself I determined that the monthly and up front lump sum long term care policies were not for me. There are simply too many variables out of your control that can cause your premiums to skyrocket leaving you holding the bag. Alternatively, a government insured reverse mortgage, known commonly as a HECM, will provide a growing credit line that will provide eligible borrowers a much more cost effective and flexible means of providing a financial backstop in the event care is...
June 15th, 2017 | HECM Reverse Mortgage, Reverse Mortgage, Long Term Care, growth factor, Consider the Alternatives to Expensive LTC Policies
HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt
Is mortgage debt eliminated when you get a Reverse Mortgage? Some would venture to say the debt is eliminated, however, this is misleading and causes significant confusion and lack of understanding with the program. This concept appears too good to be true and before people figure out the disposition of the debt they often give up on learning about the program often resulting in lost opportunity.With a Reverse Mortgage your debt is not eliminated. If you currently have a forward mortgage or traditional home equity line they represent individual deeds of trusts that are paid off whe...
June 7th, 2017 | HECM Reverse Mortgage, Traditional Mortgage, mortgage debt, HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt
Senior Advocates - When are they needed?
As we get older we often take things for granted. We all collectively feel that we have it covered and that we can still handle just about anything that is thrown at us. However, this is not always the case and not reaching out for help in certain scenarios could prove to be detrimental.Advocates can be used for many things. The most common is hiring a lawyer to navigate the court system or an accountant to address the complexities of the tax law. These are the easy ones. What we often miss or take for granted are things like medical bills, the misdiagnosis of ill...
May 5th, 2017 | Age in Place, Seniors, Home Care, Senior Advocate, Senior Advocates - When are they needed?
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