On August 29th HUD announced significant changes to the reverse mortgage program that will take effect on October 2nd, 2017. Normally, large changes like this are announced much further ahead of time allowing for public comment, leaders in the industry […]Read More
Ann (not her real name) is 81 years old. She lost her husband late last year. Throughout their entire marriage Ann never paid bills, never made any of the financial decisions and for the most part was unaware of what […]Read More
Like many people, Luke (73) and Jill (70) got hammered in the recession. Luke ran the restaurant that he and Jill owned and Jill had a job in the medical field. When the economy turned, the income from the restaurant […]Read More
Here is an infographic I created to see what the Oregon HECM market looked like in 2016. I wanted to see how the HECM was being used, average interest rates, number of HECM endorsed per county and more. I also […]Read More
This is an info-graphic I created from HUD’s Single Family HECM Snapshot data. I created this to see in general what happened during 2016, how the HECM was being used, where it was being used and average interest rates.
Share this Image On Your […]Read More
This month’s scenario is on Rick and Darcy, both in their mid-sixties. They are pretty well off financially. They owned their $630,000 home free and clear, have several hundred thousand in retirement and bank accounts. And to top it all […]Read More
To say that the reverse mortgage is misunderstood is a massive understatement. The American College of Financial Services polled 1,000 people between the ages of 55 and 75 with at least $100,000 in investable assets and $100,000 in home equity. […]Read More
According to the Social Security Administration, as of December 2014, the average retired worker drew $1,329 in monthly benefits. If two spouses collected the average monthly benefit, their household income from Social Security would come to about $32,000 — far […]Read More
Every year, thousands and thousands of seniors in Oregon avoid getting a reverse mortgage because of something they saw on TV, heard on the radio, read in the newspaper or found online about reverse mortgages. Grandiose headlines, skewed reporting, poor […]Read More
Have These Common Misunderstandings Kept You From Considering A Reverse Mortgage?
People get reverse mortgages for all kinds of different reasons. Some people use it as part of their overall financial plan. Others use it because they no longer want to […]