1-866-840-0279When obtaining a reverse mortgage, there are various clauses that you’ll have to read through and understand so you can avoid breaking them. One of those clauses is the occupancy clause, which requires you to occupy your property and make it your primary residence....
Nicole Hendrickson
Annuities Advantages & Disadvantages: What You Should Know
Pros & Cons of Annuities: Thinking About Retirement Saving for retirement is a financial task that should be on top of everyone’s list, but it’s not as easy as it may seem. It’s likely that you'll encounter numerous expenses in your lifetime—student loans, a...
What are the Most (And Least) Tax Friendly States for Retirees?
Understanding Retirement Income and Taxes Retirement is a time for relaxation, reflection, and enjoyment of the simple things in life. Having healthy retirement savings and reliable sources of retirement funding makes that much easier. While there are a number of ways...
2 Ways You Can Pay Off a Reverse Mortgage Early
Paying Off Your Reverse Mortgage Early One of the biggest benefits of a reverse mortgage loan is that you do not have to start paying it off until a specified maturity event occurs. For home equity conversion mortgages (HECM), the most common type of reverse mortgage,...
5 Retirement Income Strategies to Generate More Money
5 Retirement Income Strategies Retirement can be a financially tricky time for many people. After a lifetime of work and, in many cases, consistent raises as you progress through your career, the shift to a fixed income is a challenge — especially if that fixed income...
Retirement Mortgages: How to Qualify as a Retiree
Understanding Retirement Mortgages Many retirees find that, in retirement, they wish to move into a new home. And, for most, that means seeking out a mortgage. A mortgage is a loan that’s used to purchase a home, usually offered through a bank or lending agency. ...
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New for 2022: Significant Increase in Lending Limits Means More Money’s Possible Out of a Reverse Mortgage
You’re not alone if money’s a concern as you think about the future. Reverse mortgages (HECM loans) are a safe and flexible financial tool used by millions of older adult homeowners to solve the common challenges and concerns of retirement. Now with record-high...
What is a Loan Origination Fee for a Home Mortgage?
A loan origination fee for a mortgage is a charge that lenders establish as compensation for setting up or processing your loan. This fee can range anywhere between 0.5% and 1% of the total loan amount. For reverse mortgages, that’s $2,500 or 2% of the first $200,000...
What is an Upside-Down Mortgage?
When you buy a home, the property’s value will appreciate over time, allowing it to build equity. However, this isn’t the case with upside-down mortgages. Having an upside-down mortgage means you owe more money on a home than it’s worth, which can be caused by several...