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A Blog for Mortgage News and Tips

BREAKING NEWS: 50% of U.S. Households Lack Enough Income to Retire

Posted by George Downey on Feb 19, 2018 12:46:30 PM

2018 Research report documents looming crisis.  Two actions that can avoid pitfalls and strengthen retirement security.   

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Topics: Retirement, Housing Wealth Management, Retirement security, Retire

National Study Challenges Understanding of Home Equity Utilization

Posted by George Downey on Jan 25, 2018 2:36:28 PM

The National Council on Aging (NCOA) concluded research in 2017 documenting the Awareness of Home Equity Products Among Older Homeowners and Financial Advisors (March, 2017).  The study included sessions with 1,002 older homeowners (who had not used a home equity product) and 254 financial advisors (with credentials including FINRA Series 6 or 7, Certified Financial Advisor or Planner, or NMLS Mortgage Loan Broker).  The study confirmed wide gaps of knowledge and understanding of the importance and potential home equity can provide to enhance retirement security.

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Topics: Reverse Mortgages, Retirement, Finance Professionals, home equity

RECORD HOME PRICES CHANGING RETIREMENT PLANNING

Posted by George Downey on Oct 11, 2017 3:24:13 PM

Senior homeowners urged to consider utilization of housing wealth to increase and extend retirement security while favorable conditions prevail.  Home price record surge and low interest rates create strategic opportunity for senior homeowners.

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Topics: Reverse Mortgages, Retirement, HELOC, HECM

How to Talk to Parents About Financial Facts of Life

Posted by George Downey on Sep 28, 2017 12:42:35 PM

Not long ago, your mother or father was explaining (somewhat inarticulately) the birds and the bees to you. Now it's your turn to relay some important facts of life. And conversations about reverse mortgages can be just as awkward.

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Topics: Reverse Mortgages, Retirement, Finance Professionals

Savvy Financial Planners Seize Home Price Spike (Bubble) To Help Clients

Posted by George Downey on Sep 11, 2017 1:44:36 PM

Home values like trees don’t grow to the sky and bubbles will burst.

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Topics: Reverse Mortgages, Retirement, Finance Professionals, HECM, Conventional Mortgage

What’s In A Name?  Apparently A Lot When It Comes To Reverse Mortgages

Posted by George Downey on Aug 17, 2017 1:02:00 PM

Like the late comedian Rodney Dangerfield, reverse mortgages…don’t get respect.  Not much anyway.  Why?  That question and the broader issue of seniors’ general reluctance to use home equity has been the subject of numerous studies.  Most recently, examinations by The Center for Retirement Research at Boston College, the Bloomfield, NJ-based Reverse Mortgage Funding (RMF), a leading national lender, and Reverses Mortgage Daily, an industry trade publication, shed new light on this puzzling question. 

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Topics: Reverse Mortgages, HELOC, HECM

Harbor Mortgage Riding for Pan-Mass Challenge

Posted by Chris Downey on Aug 1, 2017 9:32:00 AM

I have been asked to write a bit about our involvement in this year’s Pan-Mass Challenge fundraising event.  For those not aware, it is the one of the country’s single largest cancer fundraising events; started in 1980, the event has raised over $540,000 million dollars since inception, $47,000,000 last year with a goal for $48,000,000 this year.  Virtually every single dollar raised goes directly to cancer research.

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The Overlooked Asset That Is Changing Retirement Planning

Posted by George Downey on Jul 14, 2017 8:48:42 AM

A recent Forbes article (June, 2017), Retirees Uncertain about Tapping Home Equity but Want to Age in Place, highlighted conclusions from research conducted by The American College of Financial Services.  Their report, The Home Equity and Retirement Income Planning Survey, upholds the findings of other senior surveys confirming the great majority (83%), nearing or in retirement, want to stay in their homes and age in place.

 

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Topics: Reverse Mortgages, Retirement, Finance Professionals, HECM

Cash Flow Options for Fixed Income Seniors

Posted by George Downey on Jun 28, 2017 8:27:00 AM

Too many seniors are living on a fixed income that barely covers the essentials. Nearly 20 percent of married retirees (and nearly 50 percent of unmarried retirees) rely on Social Security for the bulk of their income.  Moreover, today ten to twelve thousand Baby Boomers are retiring every day, and that trend will continue to 2030.  Retirement experts predict we are on the brink of a national emergency. 

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Topics: Reverse Mortgages, Retirement, Finance Professionals, HELOC, HECM

Divorce For Seniors...The Hidden Issues and New Solution

Posted by George Downey on Jun 16, 2017 8:08:35 AM

Divorce attorneys, financial planners, and registered investment advisors are looking for innovative financial planning tools for senior homeowners. 

Divorce rates among seniors, dubbed “gray divorce”, are on the rise according to a new article from the Pew Research Center, Led by Baby Boomers, Divorce Rates Climb for America’s 50+ Population. In addition to the increasing numbers, author Renee Stepler concludes that divorce at this stage of life has added complications. So-called gray divorcees tend to be less financially secure than married and widowed counterparts, particularly among women.  

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