1) The homeowner intends to live in the home for the foreseeable future.
2) If there’s a need for monthly cash flow without having to sell stocks or other assets at a loss.
Someone turning 65 has nearly a 7-in-10 chance of needing long-term care in the future, according to the Department of Health and Human Services, and many don’t have the savings to manage the cost of assisted living.
I’m often asked lately by new clients, as interest rates are on the rise, “Why do I care if interest rates are rising? I don’t make a monthly payment on a reverse mortgage”
Total debt among the American population has nearly doubled since 1999, threatening the retirement security of millions of Americans, exacerbated by stagnant wages and rising costs of living.
Among a series of major decisions anyone should make in the decade leading up to or in actual retirement is what can be done about any outstanding debt that could threaten the stability of
fixed income and investment sources...
Many financial experts have started viewing reverse mortgages positively and
strategically: A paid-off house is an asset, or a nearly paid off asset, as similar to a
retirement portfolio...
Unlike traditional home equity lines of credit which require a monthly payment and can be closed or reduced at
a bank’s discretion, a RM credit line...
According to Professor Benjamin Harris, executive director of the Kellogg
Public-Private Interface at Northwestern
University’s Kellogg School of Management, in a column at the Wall Street Journal...