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 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 […]
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 […]
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 […]
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.
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Especially in older houses, there are rooms, closets and nooks that once had a purpose that is now outdated.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.
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; […]
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 …
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.
There are many homeowners on a fixed income once they reach a certain age, however, their expenses are not always fixed costs. Sometimes, there is a large medical expense or the need for a new car or a home repair. In the event that someone needs cash flow, and they are 62 or older one […]