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 […]
A HECM isn’t for Everyone YET it can be a Fabulous Tool for Unlocking Home Equity
Robert Klein, CPA is the founder and President of Retirement Income Center in Newport Beach, CA. As a writer and publisher, he brings a holistic approach to retirement planning and presents a five-point matrix to consider with respect to evaluating a reverse mortgage. This comprehensive review illustrates the following factors: Projected Mortgage Balance Projected Savings […]
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.
How To Maximize Those Awkward Spaces In Your Home
In almost every home, there are awkward spaces that are difficult to utilize.
Especially in older houses, there are rooms, closets and nooks that once had a purpose that is now outdated.
So before you try to cover it up or fill it with junk, take a look at the smart solutions below to see how you can revitalize those problematic spaces and turn them into something useful.
Let us explore three ways that a reverse mortgage can help to transform retirement
It is All about Flexibility The primary benefit that one receives with a reverse mortgage is financial flexibility. It is an excellent way to tap into the equity that has built up in your home over time without having to sell the house. After living in your home for decades, moving is often not desirable; […]
Retirement Savings Options When Changing Jobs
How retirees decide to handle savings during a work transition can make a big difference in how long savings last in retirement. Click on the link to read more …
How To Spot And Treat Mold In Your Home
The first sign of mold you notice may be a musty smell in your home.
After looking around, you spot what looks like mold — don’t panic!
You can remove unhealthy mold from your house without it costing a small fortune.
