retirement

Involuntary Retirement

Shannon Hicks
 Older workers face ‘involuntary retirement’. Are we reaching these homeowners? In January 2020 the unemployment rate for those 55 and older was 2.6% [MarketWatch] By April 2020 the unemployment rate spiked to 13.6% for those 55 and older [MarketWatch] After the last recession (2008) those between the ages of 51-60

The BEST mortgage forbearance plan

Shannon Hicks
 Why older homeowners should consider a reverse mortgage as the ultimate ‘forbearance’ program Many struggling older homeowners have already paid down their original loan balance significantly. Should they refinance the mortgage into a new 30-year term? Not if they want to eventually stop making payments or expect a drop

The much-maligned loan that may be embraced

Shannon Hicks
“ 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.

Bloomberg’s Plan includes reverse mortgage reforms

Shannon Hicks
Mike’s got a plan for that Former New York Mayor and billionaire Michael Bloomberg’s late entry into the Democratic presidential primary has flooded the airways in recent weeks. What’s received far less media coverage is his recent plan to improve retirement security for Americans announced this Sunday. One of his

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