“ If the overall unemployment rate reaches 25%, we project 10.5 million older workers will lose their jobs. For those in the lower half of the earnings distribution, 6.1 million older workers (29%) are projected to be laid off”. That is the stark prediction released by The New School’s Schwartz Center for Economic Policy Analysis.
All Reverse Mortgage’s CEO Michael Branson penned another excellent column in Forbes- this time addressing how heirs and adult children can transfer a HECM property to the new owner and what paperwork is needed to ‘walk away’ from the home and the outstanding mortgage balance. [READ FULL ARTICLE HERE]
Recent improvements, racial targeting, and some surprising suggestions Despite the impeachment drama in our nation’s capital, the House Financial Services Committee’s hearing on the HECM was held as scheduled. It shows that some Congress members view of the HECM has evolved and some interesting proposals were put forth from
Common explanations that may create confusion A wise person once said, “Words are free. It’s how you use them that may cost you.”At some point in our careers, most of us have been guilty misusing keywords when describing the features and benefits of the federally-insured reverse mortgage. I most
Despite HECM changes & cutbacks, more seniors stand to benefit eliminating their mortgage payments To say that today’s retiree is not prepared to retire is an understatement. More American’s approaching retirement have little or no savings to fund their non-working years. Not surprising in light of fewer pensions, higher inflation
Before any further changes or cutbacks are enacted, the source of ongoing HECM losses must be identified.