Reverse Mortgage Daily
Baby boomers and seniors who proactively set up retirement accounts have more than $100,000, on average, in savings than their peers who did not, according to a recent study by personal finance publication MagnifyMoney.
Despite almost two years of public support and amended bylaws, residents in one of Arizona’s 55-and-up communities must continue to wait to open reverse mortgages.
As the reverse mortgage industry continues to adapt to the lower principal limit factors introduced last year — and the resulting volume declines — diversification has become a key watchword.
Reverse mortgage endorsements dipped 15.5% between May and June of this year, according to the most recent update from Reverse Market Insight — and the long-term arc of the post-October 2 recovery is following a well-worn pattern.
The Department of Housing and Urban Development last week took a swing at Facebook over the potential for discriminatory housing ads on its platform — and reverse mortgage originators and lenders would be wise to pay attention.
The Great Recession still looms large in the housing market, as homeowners who took advantage of low interest rates at the beginning of the decade are increasingly electing to stay in their properties instead of trading up.
It’s almost sounding like a broken record at this point, but U.S. home prices continued their steady climb in June — and, combined with rising interest rates, the trend is prompting more and more people to stay in their homes instead of selling.
Over the past decades, the gap between high- and low-income Americans has grown substantially, and should those trends continue, a large swath of future seniors could face a bleak retirement future.
The steady erosion of Medicare and Social Security benefits, the shift away from defined benefit pensions, and rising health care costs have all been blamed for seniors’ financial woes over the last decade.
When the Department of Housing and Urban Development cut principal limit factors for reverse mortgages last year, officials cited losses related to the program in the Mutual Mortgage Insurance Fund as a primary motivator.