Reverse Mortgages in the Press
If you are at least 62 years old and need access to more funds for anything from home repairs, to medical expenses, to in-home care assistance, a reverse mortgage may be a viable solution. Over the years reverse mortgages have been refined and today many financial planning advocates are looking at HECM reverse financing in a new light. Below is a recap of some recent press for the reverse mortgage industry….
Why a Reverse Mortgage Could Be Right for You
In a Time Magazine article, the writer cites Jane Bryant Quinn, who wrote “How to Make Your Money Last: The Indispensable Retirement Guide,” as saying a reverse mortgage is a great option if you have a cash shortfall but have equity in your dwelling. According to the article, new rules applicable to reverse mortgages mean that some of the things that may have made this sort of loan scary for some people have been eliminated.
New Math on Reverse Mortgages
The author of a report from The Wall Street Journal mentions reverse mortgages as failing to interest financial advisers about 10 years back, since they had reasoned such loans were merely for people who failed to plan adequately to fund their retirement years.
With this in mind, new safeguards implemented over the last few years have prompted opinions about reverse mortgages to do a proverbial 180-degree turn as financial advisers see how this loan can realistically aid their clients’ overall financial planning. One of the changes is known as the Reverse Mortgage Stabilization Act of 2013, which largely prohibits homeowners from using all of their built up equity in a single go. Approximately 40% of the total sum homeowners can borrow is inaccessible until 365 days after the they access the initial loan. Furthermore, there are regulations in place to protect the non-borrowing spouse.
Call Toll Free to Learn More (855) 367-4326
Request a FREE Info Packet!
Why Reverse Mortgage Lenders Are Upbeat About 2016
In a report from National Mortgage News, the writer explains why reverse mortgage lenders are confident about this year. The report begins by explaining the lenders’ expectation of a good year in 2016 on the heels of the Federal Housing Administration reforms – a trend demonstrating financial planners’ view of reverse mortgages as something worth considering. The FHA regulations, according to the report, have made reverse mortgages safer for seniors, and this increased safety could translate to more widespread use of this loan.
If you’re 62 or older and are facing a bit of a cash crunch, contact us for a free consultation on how you can leverage the equity in your home to establish a reliable and sustainable new stream of revenue. Call us at (855) 367-4326