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 […]
What happens to the Home after the last borrower dies?
The misconceptions about loan repayment were far and wide before reverse mortgages became regulated and federally insured financial tools. The lender does not get the home, take title to the home, or own the home or its equity in any way. A homeowner or heir can sell the home ( that has a reverse mortgage […]
