Generally speaking,  if you get a reverse mortgage your benefits from Social Security and Medicare are not affected or reduced in any way.  In fact, one of the most prominent statements included in educational reverse mortgage guides and promotional ads, routinely say: "Social Security and Medicare benefits are not affected when you get a reverse mortgage on your home."  True - But With A Few CaveatsThis is absolutely true as long as you are speaking st... Read Full Story

Over the weekend I was invited to a get-together where there were people from all different age groups.  Several of the older attendees knew that I work in the reverse mortgage field.  One gentleman in his mid 70's pulled me aside and said, "My wife has been saying that she is nervous about what will happen financially if I pass away before she does."  He went on to say that she suggested that maybe they should get a reverse mortgage.  He then asked me, &quo... Read Full Story

As retirees lose vast amounts of wealth in their retirement nest eggs, there is increasing demand for HECM reverse mortgages to come to the rescue. It is estimated that trillions of dollars in retirement portfolios have vanished over the last 18 to 20 months.  This is undeniably, the worst economic collapse since the Great Depression.     As a result of the staggering loses experienced by many seniors all ready in retirement and... Read Full Story

Traditionally, the foundation for a solid retirement plan has been characterized as a three-legged stool.  The three legs are Social Security, personal savings, and pensions.  However, recent financial trends suggest that the three-legged stool approach may becoming less reliable.  The savings rate for Americans has significantly declined sine the 1980s.  It reached its lowest level since the Great Depression in 2004.  Recently, however, it has bee... Read Full Story

Getting a reverse mortgage in Arizona is more popular than ever.  However, it is also more difficult.  Arizona is one of the states hardest hit by declining property values.  If seniors living in the Grand Canyon state wanted to get a reverse mortgage in Arizona a few short years ago, they would have been able to access a much greater portion of home equity than they can today.  Property values have plummeted since mid 2007 in Arizona as well as most of the country.&n... Read Full Story

Senator Claire McCaskill, Democrat from Missouri, has played a big role with regard to protecting senior citizens interested in a government reverse mortgage.  Over the past couple of years she held senate finance committee hearings with industry leaders, AARP, FHA, HUD and others.  Her objective is to make sure anyone interested in obtaining a government reverse mortgage does not fall prey to predatory and high pressure sales tactics. She advocated for... Read Full Story

Reverse mortgages have been in existence for more than twenty years.  During that time there have been quite a few incarnations of this equity release mortgage designed for senior homeowners as a way to supplement retirement incomes and lifestyle.There have been reverse mortgages offered by individual financial institutions and insurance companies, usually referred to as proprietary loans because the institutions would custom design them and usually ret... Read Full Story

A new version of AB 329 was passed this week by the California Senate Committee on Banking, Finance, and Insurance that if passed, will affect lender requirements for originating a reverse mortgage in California.  AB 329 is now being referred to the Committee on Judiciary for final review and passage.  This bill is for all intents and purposes, in line with HUD's Federal guidelines pertaining to a government reverse mortgage, also known as HECM (home equity ... Read Full Story

The worst economic crisis since the Great Depression is taking its' toll everywhere you look these days.  One segment of the population - retirees, are finding themselves stuck in their homes.  Many, had planned to sell the "large family home" for a substantial profit and downsize to a home or community that would be more suitable for their golden years' lifestyle. One component of the retiree's previously well thought-out plan,  may have been affo... Read Full Story

Despite the fact that the media continue to refer to a reverse mortgage as a "loan of last resort" reverse mortgages are still in high demand. It is unfortunate that some so called advisers or financial experts still do not have a comprehensive understanding of how much of a life saving tool a reverse mortgage can be for many senior homeowners.It certainly can be argued that a reverse mortgage is an expensive option on its' face. However, how expensive is it actually, if you have no other w... Read Full Story