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As a HUD-certified housing counselor, I have witnessed the internal tension many senior homeowners face. They sit across a virtual desk during our counseling sessions, with years of diligent savings, a paid-off home (or at least a high level of equity), and one underlying fear: outliving their money. Regardless of their own retirement planning, they’ve…
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When I listen to the 2022 podcast by Suze Orman on reverse mortgages, I am both grateful and disheartened. Grateful, because every time a high-profile personality brings up reverse mortgages, it renews public interest in a program that truly can help many older homeowners. Disheartened, because Suze’s comments continue a long tradition of misunderstanding what…
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You have a homeowning client couple seeking your financial advice. You and the couple think a Home Equity Conversion Mortgage or HECM (the federally-insured reverse mortgage) might be a great option for them. The husband is 65, but his spouse is only 59. You know that the spouse is too young for a reverse mortgage,…
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You, the bank manager, serve as the financial anchor in your community. You know your senior clients by name, you understand their life savings, and you often hear the challenges they face in retirement. This role carries enormous trust and responsibility. Sometimes, the challenges your senior clients face exceed the scope of traditional banking products.…
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Late-life divorce creates unique complexities, especially when a couple needs to divide their largest asset (the marital home). As attorneys and paralegals, you skillfully navigate these senior divorce liquidity waters, balancing legal requirements with your clients’ emotional and financial needs. We share the goal of finding creative, sustainable solutions that let seniors move forward into…
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The Home Equity Conversion Mortgage (HECM) offers a powerful tool for senior financial planning. However, it does come with some complex rules, especially concerning married couples where one spouse is younger than 62 years of age. Professionals such as REALTORS, estate planners, elder law attorneys, and financial advisors who work with senior homeowners need a…
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The current government shutdown has left many Americans with questions about how federal services will be affected, especially those who rely on government-backed programs for their finances and housing. Among those who have good ready to worry are homeowners with a Home Equity Conversion Mortgage (HECM), better known as a federally insured reverse mortgage. These…
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When a loved one enters their later years, the financial dynamics of the family often shift. Adult children, focused on their own careers and families, begin to worry about their parents’ security. Will Mom or Dad run out of money? What happens if they need care? Persistent misleading noise surrounding reverse mortgages often compounds this…
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Serving as an executor for a loved one’s estate is a big responsibility. When that estate includes a home with a Home Equity Conversion Mortgage (HECM) or reverse mortgage, the process can seem overwhelming. This type of loan can feel a bit unique, but understanding its specific requirements and deadlines, and especially have an executor…
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Imagine interest rates holding steady but higher than homeowners looking to refinance are comfortable with. They feel stuck and out of options. But what if high rates were actually a golden opportunity for senior homeowners? And why should the professionals that serve this population care? Read on to learn not only why high interest rates…