Employers have moved away from offering pension plans with their defined benefits to offering defined contribution plans where the employee contributes from his or her salary and the employer may offer a matching contribution to a 401(k).
When seniors tap the equity in their home through a loan, they’re re-leveraging their investment in their residence. A reverse mortgage doesn’t have a monthly payment, but the interest expense is added to the outstanding loan balance.
When it comes to developing a strategy for claiming Social Security benefits, there’s not 1 decision that’s right for everyone. There are a lot of variables.
There are many types of housing to consider, but getting a reverse mortgage can be a good option for staying put.
In 2011, the courts established that HUD had violated the law by triggering payment of the loan while the non-borrowing spouse was still in the house.
The problem with self-insurance is that you don’t know when you’ll need the coverage. It’s not just for seniors; many people aren’t saving enough for retirement now.
Considering health care costs, a long-term care strategy and managing longevity risk, the goal of not running out of retirement income requires a lot of financial planning.
Reverse mortgages are getting more respect now that retirees really need the money.
Empty nesters and seniors facing the decision of whether to downsize have a few options.
FHA insurance protects the lender, not the borrower. The FHA insures the lender’s safety, not the borrower’s (or the borrower’s heirs).