Archive | Finance

It’s never too late to improve your financial future

If you are in your 50s or 60s, you most likely are at that stage of your life where college bills and mortgage payments, while perhaps not quite a thing of the past, are well on their way to being just that. You probably are not yet ready to retire, but for many it is closer than ever.

Although people are living longer, however, the expenses of life are not declining. And, according to the National Council on Aging (NCOA), over 23 million older adults are economically insecure, either living at/below poverty or one financial crisis away.

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Posted in Finance, Reverse Mortgage0 Comments

Reverse mortgage rules change

By Alain Valles, CRMP The Reverse Mortgage rules changed Oct. 2. For the past 25 years, reverse mortgages have allowed hundreds of thousands of homeowners 62 years old or older to convert the equity in their home into tax-free cash. However, the amount you may receive has changed! Depending on your age, the percentage of […]

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Know the True Cost of a Reverse Mortgage

You’ve heard the word reverse mortgage and likely know that for those who qualify they can receive a lump sum of cash, a monthly stream of cash, a line of credit that grows over time, or any combination of the three. All without ever being required to make a monthly payment for the rest of their lives as long as the real estate taxes and insurance are paid and other guidelines met.

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Reverse mortgages:  Get the facts

I was recently at a local charity event and invariably people asked what I do? My answer is always “I save financial lives by educating people about reverse mortgages and, when appropriated, arrange them.” That’s usually followed by a polite sigh and then the person stating: “Aren’t those bad? Doesn’t the person lose their home to the bank or government? Don’t the kids lose their inheritance? Don’t you have to have no mortgage? Isn’t a reverse mortgage a last resort?” In other words, they’re really asking “Aren’t you just taking advantage of old people?”

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‘FLIPPING’ the situation

I hated fifth grade.  Almost 40 years later I can say without exaggeration it remains one of the worst years of my life. It was the first time that I truly had a hard time getting along with others, perhaps because we were all struggling with pre-adolescence in our own way.

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Reverse Mortgages: Time to trust?

Reverse mortgages are government-insured loans also known as Home Equity Conversion Mortgages (HECMs).

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