After June 30, 2023, the 1-month and 1-year LIBOR indices will no longer be published. Therefore, existing borrowers with LIBOR-based loans must be notified, prior to their next rate adjustment, that the variable portion of their interest rate will be tied to an alternate index. What can you tell me about the LIBOR Transition?The most […]
Rates Rise and the HECM line of credit can too!
Although the Federal Reserve again raised the short-term interest rate yesterday May 4, 2022, the impact on a reverse mortgage loan is both positive and negative. As interest rates increase, the amount that you qualify to receive at application from the reverse mortgage decreases. However, your current loan balance which needs to be paid off […]
Healthcare and a Reverse Mortgage ~ start 2022 financialy healthy!
Healthcare becomes an increasingly important issue as you age. As retirement approaches, planning to deal with declining health—and more specifically—the costs involved, can make or break the financial stability that most of us aim for at the end of our careers. One tool that older homeowners have at their disposal to meet the financial demands […]
Great option for retirement planning…
Happy New Year 2022! One significant change effective January 1, 2022 is the maximum claim amount or lending limit in the United States for the FHA insured HECM, Home Equity Conversion Mortgage. That new number is $970,800 This is a significant increase over the prior year and benefits those home values which appreciated above the […]
Safety Tips: 5 Ways to Prepare for a House Fire – and What to Do if One Breaks Out
House fires can break out for a wide range of reasons, and these include everything from grease fires while cooking in the kitchen to lightning striking the home.
