Yesterday afternoon, a congressional hearing titled “Oversight of the Federal Housing Administration’s Reverse Mortgage Program for Seniors” was held to discuss the Home Equity Conversion Mortgage (HECM). The hearing was one that drew in major players from across the United States. Representatives from the Federal Housing Administration (FHA), American Association...

From prescription drugs to surgical procedures, healthcare is exceedingly expensive. The health that many take for granted in youth takes more effort to maintain in older adulthood. Even with health insurance, adults can expect to spend more in healthcare as they enter their senior years. Just how much, however, is...

The National Association of Realtors (NAR) recently released an online education course dedicated to helping realtors understand the senior reverse mortgage for purchase program. The online course is now available to over one million realtors through the NAR’s online Realtor University. According to recent projections, between 8,000 and 10,000 realtors...

The Department of Housing and Urban Development’s (HUD) reverse mortgage programs have been getting a lot of positive media attention as of late. While most financial advisors have been slow to support reverse mortgages as retirement tools, many professionals have recently changed their tune. With so much attention surrounding these...

In early March 2012, California assemblywoman Susan Bonilla introduced a bill that forced California borrowers to complete face-to-face counseling before applying for a reverse mortgage. The bill is in line with the guidelines enacted by the Department of Housing and Urban Development (HUD). Bonilla’s bill simply expands on HUD’s policies...

Reverse mortgage information is constantly changing, especially when it comes to borrowers. Recently, research has uncovered a few very interesting findings. Reserve mortgage borrowers are getting younger, seniors are accruing more equity and the states with the most reverse mortgage activity seem to be shifting.

Many consumers are under the impression that reverse mortgages are expensive loans. In fact, consumers are often told that these loans are more expensive than forward mortgage loans, leading many to believe that a reverse mortgage should only be used as a last resort. Fortunately, reverse mortgage fees are often...

Reverse mortgages have been called many things. One thing that most seniors have not heard them called is a “wealth accumulation device.” However, according to financial experts Stephen and Barry Sacks, that is exactly what they are–at least when used as part of a savvy investment strategy.

According to a recent study, 83% of all baby boomers want to stay in their current homes during retirement. Despite concerns regarding financial preparedness, most seniors do not want to relocate to smaller properties in order to increase cash flow during their retirement years.

Whether you are working with a financial advisor or going it alone, retirement planning can be a stressful and sometimes tedious process. According to Barbara Stucki of the National Council on Aging (NCOA), reverse mortgages “will be viewed as part of the entire retirement planning process” in the very near...