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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
New Mexico Reverse Mortgage News
PBS Show #452 "Reverse Mortgages"
USA Today: Seniors Tap Equity With Reverse Mortgages
"WASHINGTON — Even in the midst of a housing recession, one segment of the mortgage market has been booming: reverse mortgages, which provide a line of credit or monthly payments to seniors 62 or older, using an existing home as collateral.
Reverse mortgages rose more than 9.5% on a dollar basis in the second half of 2006 compared with the first six months of the year, and the number of loans was up 19%, the Mortgage Bankers Association says. The Federal Housing Administration, which insures about 90% of reverse mortgages, announced a tenfold jump in the loans..."
New Mexico Business Weekly: Reverse Mortgages, A Bright Financial Spot for Boomers
"This year, the leading edge baby boomers turn 62, the magic milestone age when many consider retirement. Many of them bought or refinanced their homes during their peak earning years and have accumulated significant equity.
These homeowners are entering retirement with a large financial asset. Unfortunately, many are still making hefty mortgage payments at a time when their income is actually going down.
To make matters worse, the financial security that baby boomers counted on during their early careers is suspect at best. Corporate retirement programs suffer from mismanagement or unrealistic promises. Social Security is in jeopardy, and no one really expects to live at his or her current lifestyle on the benefit.
Many baby boomers are asking whether they can realistically stay in their homes. Should they refinance to another 30-year loan to reduce the monthly payments? Should they sell the place where the kids and grandkids have come to expect holiday celebrations? Should they buy something smaller or rent an apartment?
At today's prices, would something smaller really be cheaper? Any of these choices terribly lowers the homeowners' standard of living and are dreadful to consider.
There is good news for these leading edge baby boomers. They have also now reached the age where they can qualify for reverse mortgages on their homes..."
KOB Albuquerque: Is A Reverse Mortgage Right For You?
Recent News Updates
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A young worker may find a Roth IRA to be superior to a 401(k) when saving for retirement.
Funding Retirement Living With A Reverse Mortgage
4 January 2009 | 3:12 pm
Wall Street Journal recently published an article detailing how older Americans who were planning on selling their homes to finance care in assisted living and retirement communities have seen those plans disappear amid the housing crisis. In How to Fund Retirement Living, Victoria Knigh...
Invest now or give up gains forever
31 December 2008 | 9:00 pm
If you fail to invest in a retirement account this year, the opportunity will be gone forever.
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