The holiday season is upon us once again. A season filled with festivities, memories, decorations, and for most, added costs. Whether it is gifts for loved ones, travel expenses to visit family, or admission fees to special experiences. (The Nutcracker with your ballet-obsessed granddaughter, perhaps?) This time of year can get expensive. Especially for seniors […]
According to a recent Harvard study, debt among seniors has never been higher. In 2016, nearly half of all seniors were carrying a mortgage, and more seniors are filing for bankruptcy than ever before, increasing 500% since 1991. Having a mortgage while retired can quickly gobble up all of your retirement savings or fixed income. […]
Are you one of the estimated five million Americans 62 years and older who have a HELOC (Home Equity Line of Credit) as either your first lien or second mortgage? Many home owners have been paying interest only and are nearing the time for their HELOC to reset with a higher payment. On a fixed […]
Silver Leaf Mortgage, Colorado’s #1 Reverse Mortgage Broker, has helped hundreds of clients with home repairs over the past four years through charitable work and grants. The senior home repair program has been life changing for many seniors. Silver Leaf Mortgage, through The Forever Home Foundation, offers seniors a variety of programs including no-interest-rate and […]
Some people are convinced that a reverse mortgage is a trick—at first. And there are some historical reasons for that belief. Reverse mortgages have been around since the 1980s. Years ago, some questionable lenders failed to disclose that you are required to pay homeowners insurance and property taxes (which are paid through an escrow account […]
Bob Muni, Sr.Loan Officer and Reverse Mortgage Specialist, addressed a crowd at the annual Senior Expo in Colorado Springs Saturday, October 18, 2019.
The Home Equity Conversion Mortgage for Purchase, or HECM for Purchase, allows seniors to buy a new home by putting a reverse mortgage on it. A reverse mortgage is a type of home equity loan that allows senior homeowners age 62 or older to borrow against the value of their homes. No repayment of the […]
Should I wait to set up a Reverse Mortgage loan? Many see a reverse mortgage loan as a last-resort option for seniors who want to stay in their homes but have little resources and few options left. In recent years, a number of retirement experts and financial planners have realized that a reverse mortgage loan […]
How today’s successful advisors are incorporating reverse mortgages in their practices by Don Graves, President of the Institute for Housing Wealth Studies With the current retirement income crisis facing baby boomers, advisors need every viable resource to help their clients and sustain their practice. One resource, often overlooked, is home equity. Currently there is more […]
Many concerns about reverse mortgages are driven by misconceptions and half-truths about how the program works. In recent years, concerns about borrowers’ risks have been addressed by new guidelines from the Federal Housing Administration, which insures these loans. Still, service providers, reverse mortgage experts and financial planners can do more to help Seniors determine whether […]
