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A Blog for Mortgage News and Tips

Senior Condo Owners Get a Break from FHA

Posted by George Downey on Oct 25, 2019 3:28:59 PM

FHA rule changes enable senior condo owners access to home equity without making mortgage payments.

The Federal Housing Authority (FHA), effective October 15, 2019, relaxed the rules for condominium financing.  These changes provide significant benefits to seniors (62 and older) who currently own, or are considering the purchase of a condominium.

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Topics: HECM, home equity, seniors, condo, condiminium, reverse mortgage

Reverse Mortgage or Home Equity Line of Credit - Which is Best?

Posted by George Downey on Sep 25, 2019 12:45:32 PM

Senior homeowners have a choice – most make the wrong decision, and don’t know it.

Seniors in, or nearing, retirement are confronted with a dilemma – most have failed to save enough for a secure retirement. 

Moreover, since the baby-boom generation (born after 1946) entered retirement years, 10 to 12 thousand are retiring every day.  Predictably, this trend will continue through 2030. Retirement experts identify this to be an individual and a national emergency.

 

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Topics: Reverse Mortgages, HELOC, HECM, Retirement security, housing wealth, seniors, financial planning

Good News for Senior Condominium Owners

Posted by George Downey on Aug 27, 2019 10:34:04 AM

Senior condo owners get long-awaited help from FHA.

On August 14, 2019, the Federal Housing Authority (FHA) announced significant changes to its condominium financing regulations.  The good news is these changes eliminate current barriers that have prevented senior condo owners and buyers from using the FHA insured reverse mortgage and other more favorable FHA financing options.

 

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Topics: Reverse Mortgages, HECM, home equity, age in place, housing wealth, seniors, mortgage, condo, condiminium

Free Seminar - Home Sellers Workshop at Fairing Way, Weymouth.

Posted by George Downey on Jul 29, 2019 3:25:28 PM

Panel discussion explores maximizing the sale, properties and trusts, Title 5 inspections and state tax.

Been in your home for 10 years or more? Ready to downsize or relocate, but not sure where to start?

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Topics: seniors, Seniors First, home sellers, mortgage

Skeptical About Reverse Mortgages?

Posted by George Downey on Jul 24, 2019 3:48:27 PM

Here's what you need to know.

If you’re of the mind that reverse mortgages are an inferior product, or worse - a rip-off, put aside this notion for a moment and consider some basics facts and history.

Accounting for over 95 percent of all reverse mortgages today, the dominant program is the HUD/FHA insured Home Equity Conversion Mortgage (HECM) reverse mortgage.

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Topics: Reverse Mortgages, HELOC, HECM, home equity, age in place, housing wealth, retirement planning, seniors

Aging in Place at Home - Is It the Right Choice?

Posted by George Downey on Jul 2, 2019 12:28:13 PM

The decision to Age in Place is increasingly more complicated.

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Topics: HELOC, HECM, age in place, housing wealth, seniors

Home Equity Lines of Credit - A Trap for Unwary Senior Homeowners

Posted by George Downey on May 31, 2019 9:21:25 AM

Senior homeowners who have a Home Equity Line of Credit may be in for a shock they may not be aware is looming.

Long favored as the cheap and easy way to tap home equity, the commonplace Home Equity Line of Credit (HELOC) may be a ticking time bomb for senior homeowners, especially those with limited income and financial resources.

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Topics: Reverse Mortgages, HELOC, HECM, home equity, housing wealth, seniors

Using Your Home to Pay for Home Care

Posted by George Downey on Apr 24, 2019 12:58:18 PM

For senior homeowners, the unavoidable risks of declining health and the burden of long term care costs may be funded without long term care insurance or depleting personal savings.

Staying at home to age in place continues to be a primary objective for most aging homeowners.  Important as that dream may be, though, unexpected health care problems and costs can upend the best of plans.  Statistically, one of every three people age 65 today will require long term medical assistance, and the probabilities get worse as aging increases. 

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Topics: Reverse Mortgages, HELOC, HECM, home equity, age in place, housing wealth, seniors, financial security

Is Your Home a Good Investment? Maybe Not!

Posted by George Downey on Apr 1, 2019 10:59:32 AM

Contrary to popular beliefs that residential real estate has proven to be one of the best investments one could have made, there’s another darker side to the story.

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Topics: Reverse Mortgages, HELOC, HECM, Retirement security, housing wealth, seniors

Home Equity Can Increase and Extend Retirement Income

Posted by George Downey on Jan 25, 2019 2:35:05 PM

 

The question of financial security (running out of money) in retirement continues to be the number one concern among aging Americans and financial professionals.  Since the Great Recession (2008 – 2013) retirement experts and academics have written extensively on this dilemma, now deemed to be a national emergency.

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Topics: Reverse Mortgages, HECM, home equity, Housing Wealth Management, Retirement security, housing wealth, seniors, financial security

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