article 1

Can you make payments on a reverse mortgage loan?

Most people associate a mortgage with a predetermined set of payments, usually monthly, that you are obligated to make to your lender until your debt (principal and interest) has been satisfied. This borrower-to-lender flow of payments is known as a traditional mortgage. A reverse mortgage reverses the process. Instead of making monthly payments to your […]

Read More
article 1

Can You Rent Your House If You Have a Reverse Mortgage

The main eligibility requirements for a reverse mortgage are relatively few. You must: Be 62 or older. Own the home. Have substantial equity in the home. Live in the home as your primary residence. If you look at the last requirement, which states you must “live in the home as your primary residence,” then renting […]

Read More
article 1

CA Prop 19 Expands Homebuying Opportunities

With the Nov. 3, 2020 passage of California’s Proposition 19, homeowners age 55 and older can now transfer their home’s Proposition 13 tax savings to a replacement home, including a more expensive one, anywhere in California. The tax break, which can be used up to three times, also extends to California homeowners with severe disabilities […]

Read More
article 1

Reverse Mortgage and Medicaid: What You Should Know

Medicare is Awesome, But It’s Not Free – The Medigap v. Advantage Decision Generally, if you have reached the age of 65 and you have paid Medicare taxes (these are the FICA deductions on your paycheck) for at least 10 years, you will likely be eligible to receive Medicare benefits. But Medicare (Part A, hospital […]

Read More
article 1

Can a Family Member Be Added to a Reverse Mortgage?

Can a Family Member Be Added to a Reverse Mortgage? People seem to enjoy making additions of one sort or another. Homeowners might add an extra bedroom to accommodate visiting in-laws.  Golfers might add a solo player to complete a foursome. Or magicians might add a routine to improve their act. Unfortunately, however, you can’t […]

Read More
article 1

How to Fund Your Retirement in a Down Market

As an older American adjusting to the post-pandemic “new normal,” you may not only be looking at half-empty restaurants, airplanes, stadiums and cruise ships, but also a retirement picture that is quite different from last year or even just a few months ago. If you have money invested in an IRA or 401(k), you probably […]

Read More
article 1

15 Ways to Cut Winter Energy Costs

Along with chilled air, icy drafts, and the sight of smoke curling above chimney tops, expect winter to bring higher energy bills as more Americans continue to work and shelter from home in the midst of the COVID-19 pandemic. According to energystar.gov, a typical household in the U.S. spends more than $2,000 a year on […]

Read More
article 1

What Are the Disadvantages of a Home Equity Line of Credit?

A home equity line of credit (HELOC) can be a convenient way to borrow money. It can be much be less expensive than a credit card installment plan or personal loan. Also, with a HELOC, you pay interest only the amount of the line you use. Nevertheless, a HELOC also has some drawbacks you need […]

Read More
article 1

Financial Remedies for When the Stock Market Goes Haywire

The first modern stock market crash occurred in 1907-08, precipitated by the 1906 San Francisco earthquake. To begin rebuilding the largest city and financial center west of the Rockies, the U.S. government furiously moved capital from East to West, when moving capital literally meant moving gold by ship or train. Other stock market crashes occurred […]

Read More
article 1

How Do I Refinance My Reverse Mortgage?

If you have qualified for a reverse mortgage in the past, you should find the qualifying criteria similar for a refinance of your reverse mortgage. You must: Be 62 or older. Use the home as your primary residence. Have sufficient equity in your home. Demonstrate the financial stability to meet the loan’s ongoing obligations, such […]

Read More