1-866-840-0279Understanding 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. ...
Nicole Hendrickson
What are the 3 Different Types of Reverse Mortgages?
Are There Different Types of Reverse Mortgages? Reverse mortgages are a great retirement solution for many homeowners. They allow you to access a portion of your home’s equity as cash payments, a lump sum, or a line of credit. This helps many people fund their...
What Does Being an Executor of a Will Mean?
What Does Executor of a Will Mean? You may have heard of the executor of a will before — but what does being the executor of a will mean? The executor of a will ensures that everything the deceased specifies in their will is carried out according to their wishes. This...
How Much is Income Tax for Seniors? (And How to Plan Effectively)
Planning for Taxes in Retirement Many changes come when you retire—no more rush hour commute or 9 to 5 workday. One thing that does remain constant when you enter retirement is taxes. Most retirees will have to pay taxes in retirement, and the taxes you pay depend on...
Reverse Mortgage Jumbo Loans Explained
What is a Jumbo Reverse Mortgage? Many homeowners wonder how they can access the wealth they’ve built through home equity in the past, so they can improve their financial circumstances in the present. A jumbo reverse mortgage offers a unique solution that can be...
FHA Announces Increases for FHA & HECM Loan Limits (2021)
Increases on HECM Loan Limits For the fifth consecutive year, the Federal Housing Administration (FHA) raised its lending limit on all FHA loans, including the home equity conversion mortgage (HECM). Often referred to as a reverse mortgage, the HECM program enables...
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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...
What Is a Financial Assessment in Reverse Mortgages?
When you apply for a reverse mortgage, lenders must conduct a financial assessment to verify you have enough money to cover ongoing expenses, such as property taxes and homeowners insurance, until the loan matures. Lenders will ask you to provide additional...
Can You Get a Reverse Mortgage on a Manufactured or Mobile Home?
For many Americans, manufactured or mobile homes can be an effective and affordable housing solution and alternative to renting. And for many Americans looking forward to retirement and considering funding options, this may raise the question: can you get a reverse...