Economist Laurence Kotlikoff offers an alternative to a reverse mortgage for the house-rich and cash-poor senior homeowner. He is not a fan of the Home Equity Conversion Mortgage, or HECM. “An HECM sounds like a great financial product. It lets people 62 and older, many with little if any financial assets, tap into their home…
Category: reverse mortgage
Reverse Mortgage Lenders Fined for Deceptive Advertising
“American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. Collectively, the bureau ordered the three reverse mortgage lenders to pay a civil penalty of $790,000.”A reverse mortgage allows homeowners 62 and older to…
Considering a Reverse Mortgage?
If you are considering a reverse mortgage to help finance retirement, information on the newest programs and government regulations are available in a book by renowned retirement researcher, Wade Pfau: “Reverse Mortgages: How to use Reverse Mortgages to Secure Your Retirement.”http://www.chicagotribune.com/business/success/savingsgame/tca-how-a-reverse-mortgage-can-benefit-retirement-20161019-story.html Source: Financial Planning for Women
HELOCs versus Reverse mortgages
For senior homeowners facing large expense such as roof replacement or needing extra cash tomake ends meet each month, home equity lines of credit are one option; reverse mortgages another. Learn the pros and cons of each at https://www.thestreet.com/story/13698522/1/helocs-vs-reverse-mortgages-which-is-right-for-seniors-facing-a-financial-emergency.html Source: Financial Planning for Women