Finance

We all know the stereotype of a "senior" - a weary, grumpy “old person.” But, like all generalities, this image of a "senior" is far from accurate. Today’s seniors are active, engaged and filled with a desire to get the most out of life. They have worked hard for many years to earn a living, buy a home, and raise a family. Now they are eager to turn to the next chapter and enjoy the rewards of retirement.

A recent survey by Merrill Lynch found that health care expenses were the number one retirement worry among people preparing to retire. Three out of five retirees surveyed said they were forced to retire earlier than expected due to a health problem.

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

More than 7.3 million older Americans — one out of every five people over the age of 65 — have been victimized by a financial swindle, according to a new survey by Investor Protection Trust (IPT)

Reverse mortgages, also called Home Equity Conversion Mortgages (HECMs), are government-insured loans that allow qualified senior homeowners to convert illiquid home equity into available tax-free cash for immediate or future use. Although reverse mortgages have been available since 1987, they still only account for about 1 percent of the total mortgage industry.

By Lauran Neergaard WASHINGTON — America’s cities are beginning to grapple with a fact of life: People are getting old, fast, and they’re doing it in...

Many of us hold on to an idyllic vision of our golden years, imagining we’ll be in good health and living self-sufficiently in our own home.

Approximately four in 10 couples that aren’t yet retired disagree as to the lifestyle they expect to live in retirement. One in three couples disagree as to their ideal vision for retirement.

By Alain Valles You’ve heard bits and pieces about reverse mortgages. Perhaps you have read an article, or had a friend suggest that you get...

It’s so tempting to want to give the grandchildren everything and put their wants and needs first. However, one of the common money mistakes grandparents make is to put spending on grandkids ahead of their own retirement security.