reverse mortgage - Reverse Mortgage Specialist

Sue White Mar 27, 2024Sep 4, 2024

Retirement Planning Tips When You’re In Your Mid-60s

Retirement planning can be quite a challenge, regardless of your age. However, there are ways to help you prepare for those golden years. Here are retirement planning tips for those currently in their mid-60s.

Once, 65 years old was the common age for retirement. Since then, much has changed. The Social Security Administration has increased the age when total retirement benefits are available. Additionally, various company-sponsored plans have shifted from defined benefit to defined contribution plans.

Sue White Mar 25, 2024Sep 4, 2024

Reverse Mortgage and Seniors With Living Trust

Seniors who need extra cash or income to cover unexpected expenses can borrow against their home equity? Yes! They can get a loan that is known as a reverse mortgage. For those who plan to put their houses in living trusts or those with one already, the path to getting this loan would be a bit trickier.

This kind of loan can provide you with the extra income. It will help cover

home repairs
basic living expenses
renovations,
unexpected costs.

Even with the loan’s known disadvantages, reverse mortgages remain popular. A reverse mortgage loan can still coexist with living trusts.

Mortgage First, Then Trust

The majority of reverse mortgage lenders won’t object when borrowers transfer the title to their houses to their living trust. They can do so even after you take out a reverse mortgage. But you must notify the lender about it.

Sue White Mar 21, 2024Sep 4, 2024

Why You Should or Should Not Get A Reverse Mortgage

A reverse mortgage has had its ups and downs since they were introduced during the Reagan administration. It is a financial tool that lets older people tap the equity of their home and age in place. This type of loan can help free up cash when seniors are in retirement. And in some instances, get rid of monthly mortgage payment.

Who Can Get A Reverse Mortgage Loan?

Reverse mortgage loans are made for older people who would like to tap into the equity of their homes. When doing so, they could boost their monthly cash flow without having to worry about monthly payments. If you plan to take out a reverse mortgage, you need to be at least 62 years old. Potential borrowers should undergo a home counseling session to make sure that they understand what they are getting themselves into.

This type of loan is only for primary residences. If you are planning to take out this loan against your vacation home or investment property, then you may not qualify at all. You have to live in the house for more than six months.

Sue White Mar 19, 2024Sep 4, 2024

Reverse Mortgage: The Unexpected Retirement Panic Attack

Retirement is challenging enough even without the added feeling of terror. It’s because you don’t know where the next check will come from. Moreover, the trick is to convert your capital into an income that you get per month well before you leave the workplace.

Furthermore, when it comes to retirement planning, there are a few simple steps that you could take. They can help you make sure that you have a steady income source the moment you retire. And, arranging this ahead of time can help you avoid underspending, overspending, and even panic attacks.

Reverse Mortgage: Planning For Retirement

Sources of Income

In addition, the first thing you need to do is inventory the possible sources of income once you retire. For instance, you know that Social Security could only be given out as an income; there will be no lump sum benefit. Moreover, you have to ask yourself if there are other possible benefits. Also, find assets that you can turn into a monthly check.

Sue White Mar 15, 2024Sep 4, 2024

Reverse Mortgage: A Perfect Addition To Your Retirement Plan

reverse mortgage Some people say that parents don’t need to save up for their kids’ college education. There are college loans to help them. But, their parents can’t find a loan that will help them live a comfortable life after retirement. But, wait for a second. Are you sure there’s no loan for that? Isn’t a reverse mortgage loan the perfect option for seniors?

What Is A Reverse Mortgage?

Reverse mortgage loans is comparable to a line of credit or loan against your home equity. One main difference is that the lender will pay you and not the other way around. Through this type of mortgage, you will have the cash you need. It will supplement your retirement funds like the benefits you get from social security.

Sue White Mar 13, 2024Sep 4, 2024

Understanding Reverse Mortgage: Do They Impact Your Benefits?

There’s one concern that often arises with a reverse mortgage. It’s whether receiving such a loan will affect one’s benefits. For borrowers, there are some common issues. Including these are the following, whether their Medicare, Social Security, or pension will be impacted once they opt for this type of loan. But, amidst the myriad of myths surrounding this topic, it’s crucial to understand the facts.

How A Reverse Mortgage Affect Your Benefits

Social Security

First and foremost, it’s important to note that this loan will not affect your Social Security benefits. Regardless of whether you’ve opted for a reverse mortgage in Myrtle Beach or not, you will continue to receive your Social Security benefits. So, there will be no alterations. Also, the contributions you’ve made throughout your employment years ensure that your benefits remain intact, even after opting for this loan type.

Sue White Mar 7, 2024Sep 4, 2024

How a Reverse Mortgage Could Save Uninsured Homeowners From Disaster

The casino is a suitable place to roll the dice and take your chances. However, gambling with the security of your largest asset and risking the roof over your head is not. In this blog, we’ll discuss reverse mortgage and how it can help.

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Survey reveals more homeowners are uninsured

Recent information shows that in the last year, many homeowners have dropped their homeowner’s insurance coverage. Primarily, it’s because of the skyrocketing premium increases.

Are most of these homeowners well off with substantial assets to self-insure their homes? No. The survey also showed that half of those who chose to forego insurance on their home have an annual income below $40,000. Many seniors fall within this category.

Sue White Mar 5, 2024Sep 4, 2024

The Pros and Cons of Reverse Mortgages

When it comes to reverse mortgages, you need to carefully consider several things before you submit an application. You have to know the pros and cons so you can make an informed decision especially when it concerns financial loans. After all, you need to pay for the application fees. They can be quite frightening especially if you are left with high mortgage charges and rates.

Pros of Reverse Mortgages

For many people, reverse mortgages is considered a saving grace. It’s thanks to the positive effect it has on the quality of life, particularly among seniors. First, its financial programs are flexible. The restrictions are limited when it comes to how they can get and spend their loan. The house is yours under specific situations. The lender does not have the right to repossess it then default risk does not exist.

That total amount that you owe the bank will not be more than the actual worth of your home. That won’t change even if you get more money from your lender. This is beneficial especially when your home value goes up or down.

Sue White Mar 1, 2024Sep 4, 2024

Reverse Mortgages: Guide for Real Estate Professionals

When it comes to exploring home financing options, the concept of reverse mortgages might initially raise eyebrows. Some may view it as a financial last resort or even a dubious scheme. However, reverse mortgages can be a transformative solution for eligible homeowners looking to leverage their home equity.

As a real estate agent, you play a pivotal role in guiding your clients through the intricate landscape of reverse mortgages. Let’s delve deeper into this financial tool and its implications.

Understanding Reverse Mortgages

As a real estate agent, you’re likely to encounter clients in their golden years seeking ways to unlock the value of their homes. This is where reverse mortgages come into play. Equipped with the right knowledge, you can empower your clients to make informed decisions about their financial future.

Sue White Feb 28, 2024Sep 4, 2024

Is a Reverse Mortgage Worth Considering? Exploring Your Options

When contemplating major financial decisions, such as exploring the viability of a reverse mortgage, it becomes paramount to delve into the intricacies of various options available. Financial experts often offer invaluable insights. But it’s essential to acknowledge that viewpoints can vary widely regarding the efficacy of reverse mortgages.

Thus, before hastily dismissing or embracing the concept, it’s prudent to undertake a comprehensive exploration of the subject matter.

Delving Deeper into the Debate:

The discourse surrounding reverse mortgages often reveals a spectrum of opinions. Some are advocating for their potential benefits and others cautioning against their utilization. Such divergence in perspectives underscores the complexity of navigating financial landscapes, where there’s rarely a one-size-fits-all solution. Consequently, individuals are encouraged to adopt a discerning approach. You must scrutinizing the merits and drawbacks of reverse mortgages in Myrtle Beach through a nuanced lens.

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