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Tagged by
gilbertguide1
on 07 Jul 2008
Suzanne Wolfson, a CFP®, explains reverse mortgages and how to avoid pitfalls and problems.
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Tagged by
FinancialAmbition
on 22 May 2008
Yet academic research shows that retirees who want to play it safe can afford to withdraw only 4 percent to 5 percent of their nest eggs each year in retirement--if they want them to last for 30 years or more. Even a person with $250,000 could afford to tap only $10,000 or so annually.
Related News Annual Retirement Guide Major companies are recruiting older workers Diet, exercise, and checkups will add years to your life Some healthy retirement tips An immediate annuity offers help in retirement Looking for the good life in all the small places Reverse mortgages lend a hand to seniors Busy seniors are more likely to relish retirement |
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Tagged by
FinancialAmbition
on 27 Jan 2008
Joe Miramonti offers an interesting discussion of reverse mortgage fees and such, to wit:“The fees most people find objectionable are the upfront costs to get the loan done,” says Joe. “On a convention HECM product, this is consumed primarily by 2 components; 1) Mortgage Insurance which is 2% of the loan amount and 2) Orginiation Fees which are federally capped at 2% of the home value. Net, the fees to get the loan running when you add in all the additional costs of appraisal and title fees, etc. can push up toward 5% of the home value. These are usually what people have a hard time with. In most cases these costs are financed into the mortgage. We can certainly discuss whether
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Tagged by
FinancialAmbition
on 27 Jan 2008
There is an interesting discussion regarding reverse mortgages at AllFinancialMatters.com discussing whether or not reverse mortgages will be the next subprime debacle.The central worry is that as more reverse mortgages are issued that they, like other loans, will be packaged and securitized. As JLP writes “I don’t know about you but this concerns me. Isn’t the packaging of mortgages and selling them to investors one of the reasons we got into the subprime mess? Could the same thing happen to the reverse mortgage market? I can imagine that as demand from brokerage firms and investment banks for reverse mortgages increases, standards will be lowered, and we’ll see all sorts of shady practices take place.”
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Tagged by
FinancialAmbition
on 27 Jan 2008
Does it make sense to borrow from retirement savings to pay off current debts?Chicago Tribune financial columnist Gail Marks-Jarvis points out that “under federal law, people are allowed to borrow from their 401(k), but the intent is to let you borrow only for the short term. You are expected to pay the money back, and you are given no more than five years to do it. If you lose your job, you have to pay it back quickly, usually within 90 days.“If you fail to pay the money back on time, you have to pay taxes on everything you owe. In addition, there will be a 10 percent penalty.
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Tagged by
FinancialAmbition
on 27 Jan 2008
Gary writes and asks about getting a reverse mortgage:“I have a balance of 170K on a house that was appraised almost 2 years ago for 450K. I am 63, 3 lenders have indicated that I would need 9k to close. 170 less the 200k max leaves 30k plus the 9k to close. Soooo, it’s going to cost me 39K to do a section 255. Tell me what is wrong with this picture?”I think you need to look at this a little differently:
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Tagged by
FinancialAmbition
on 27 Jan 2008
HUD has come out with two interim rules which would impact the HECM program if finalized.In general terms, the first new rule for federally-insured reverse mortgages “extends the date for calculating the maximum claim amount in the HECM program from the date of the underwriter’s receipt of the appraisal report to the date of closing. This change provides a more easily verifiable and more easily identifiable date.”
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Tagged by
FinancialAmbition
on 27 Jan 2008
The folks at the Charlotte News
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Tagged by
FinancialAmbition
on 27 Jan 2008
Reverse mortgages and healthcare go together like peas in a pod for a very simple reason: To pay off medical bills homeowners often take out reverse mortgages.Now the New York Times reports the following:
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Tagged by
FinancialAmbition
on 27 Jan 2008
(This is the first installment in a series of reverse mortgage educational postings by Sue Haviland, a Maryland-based reverse mortgage specialist. Please check back each Monday for more.)With the rise in popularity of reverse mortgages, specifically HUD’s HECM (Home Equity Conversion Mortgage) it may seem surprising that there is still so much confusing information floating about. I am often asked just how the borrower’s age can make a difference in reverse mortgage proceeds. The question is posed like this: “So you’re saying as long as my husband and I are at least 62 years old and own a home, we can consider a reverse mortgage?”It really can be that simple.
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Tagged by
FinancialAmbition
on 27 Jan 2008
We have been regularly covering reverse mortgage growth during the past year by following HUD reports. Now the National Reverse Mortgage Lenders Association offers a year-end round-up which shows that 2007 was a banner year.
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Tagged by
FinancialAmbition
on 27 Jan 2008
You hear about reverse mortgage horror stories with some frequency — more frequency than ought to be the case. An elderly person gets a reverse mortgage and then gets scammed into an “annuity” with weak terms and terrible prepayment penalties.There ought to be a solution to these problems, so let me outline an idea.
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Tagged by
FinancialAmbition
on 27 Jan 2008
As with any financial product, you need to be armed with all the facts before making a decision. Be sure you are getting your information from a reputable source and weigh the pros and cons of each. A frequently asked question from both seniors and their family members is, “Shouldn’t we just take out a regular refinance rather than a reverse mortgage?”
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Tagged by
FinancialAmbition
on 27 Jan 2008
Over at the Wall Street Journal, a retired reader asks if he should pay off his mortgage early. The answer omits the use of reverse mortgages.Question: “I retired five years ago at age 55 with a pension and a 401(k) from which I took fixed withdrawals through age 59½. Then, I rolled over the 401(k) to a low-risk annuity with a $200,000 balance. I have $50,000 left to pay on my mortgage (five years left on a 10-year loan with a 5.375% interest rate). With most of the interest paid on this loan, I’m wondering if it would be better to pay off the balance with an annuity withdrawal or continue to make monthly payments. I realize I would have to pay taxes on the annuity withdrawal, but I could use the extra $1,000 a month now rather than in five years
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Tagged by
FinancialAmbition
on 27 Jan 2008
Today’s emergency rate reduction by the Federal Reserve is great news if you have a home equity loan tied to the prime rate. That’s a lot of people — but that is not all people and certainly the rate reduction has little to do with mortgage rates in general or reverse mortgage borrowers in particular.How come?
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Tagged by
FinancialAmbition
on 27 Jan 2008
Bill White writes and discusses the recent Wall Street Journal advice to someone able to pay off a $50,000 mortgage. Bill raises the idea of a reverse mortgage as a solution to the problem.Bill says:
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Tagged by
FinancialAmbition
on 27 Jan 2008
It may happen in the next few weeks that the size of FHA-insured reverse mortgages could increase to more than $635,000. That’s a huge jump from today’s maximum size of $362,790.
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Tagged by
FinancialAmbition
on 06 Oct 2007
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
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Tagged by
FinancialAmbition
on 18 Sep 2007
If you're retired and struggling financially, a reverse mortgage will help you hang on to your home. But you wont be able to keep the house for your kids.
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Tagged by
FinancialAmbition
on 18 Sep 2007
This financial tool can provide retirees with ready cash and keep them in their own homes, but upfront fees are high, and seniors sometimes lose Medicaid eligibility.
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