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
“ 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.
It’s time to get past ‘eliminate mortgage payments’ Tax-free- no required payments, increased monthly cash flow- eliminate mortgage payment. These are just a few of the most-touted benefits of reverse mortgages. Just google any of the phrases and your likely result will be a reverse mortgage. But are these
“Needs-based” borrowers aren’t the only ones worried about retirement More Americans are having a retirement panic attack. Some never saw it coming. Of course, throughout the decades of our working life we know eventually we need to have the means to retire without income from our job, yet still,
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
Younger borrowers are taking longer mortgages- then comes a reverse? When debt is king and aging populations are exploding across developed countries, more are finding themselves with a mortgage throughout their adult years. Lifelong mortgages may soon become the rule rather than the exception. Overall baby boomers are not