A reverse mortgage can be one particular way in which a senior homeowner can acquire an additional source of income during their retirement years. A FHA reverse mortgage, also known as a Home Equity Conversion Mortgage, (HECM), is insured through the government, and allows senior citizens to exchange the equity in their home for a…

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If you are an elder military veteran who has purchased a home with a VA loan, and are looking for an additional way to supplement your income, you may want to consider a reverse mortgage. Reverse mortgages are unique in the fact that, rather than making mortgage payments to a lender, borrowers actually receive money…

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Our best. Our finest. Our veterans. God bless you for your service to our freedoms and way of life. The original Servicemen’s Readjustment Act, passed by the United States Congress in 1944, extended a wide variety of benefits to eligible veterans. The VA loan guarantee program was especially important to veterans. Under the law (as…

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A reverse mortgage is a distinctive type of loan that is available to borrowers who are 62 years or older and allows the homeowner to live in their residence without paying a mortgage payment in exchange for equity from their home. Although there are many misconceptions regarding this type of loan, and it may not…

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How long until your children need your financial help? (Notice I didn’t ask “if”)… -Estimates of over 31% unemployment…6 million new unemployment filings last week… Some Parents have significant reasons to let their kids flounder. Others? We want to be prepared to be in a good place for this emergency to help those we love.…

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Interesting word. ar•bi•trage är′bĭ-träzh″ noun The simultaneous purchase and sale of equivalent assets or of the same asset in multiple markets in order to exploit a temporary discrepancy in prices. Arbitrage, as applied in debt management, is used to take advantage of market differences (rates of interest, interest structure, investment returns, timing, etc).   For…

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According to recent statistics, over 10,000 Americans turn 62 each day. In addition, 40% of them (4,000/day) are still paying off one or more mortgages. In 1987 Congress authorized (a friendlier word than “directed”) the Federal Housing Administration to create a federally insured reverse mortgage program. The reason was clear-on one extreme, Retiree’s needing capital…

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If you’re over 62 and you own a home with or without an existing mortgage? Be ready to help your children. Layoffs, furloughs, expenses…it’s coming. Draining your investments to get the cash they need is impractical. Qualified funds are not tax free if you withdraw the money. Opening a bank HELOC compels you to mandatory…

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Reverse mortgages can be a great financing option for some senior citizens, however, they do not always make sense for every person’s economic situation. Oftentimes, elderly home buyers can be targets for financial fraud, and can sometimes be the victims of economic scams. Dan Turner with Geneva Financial, can work closely with you and your…

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If you are 62 or older, you could be eligible for a reverse mortgage. A reverse mortgage is basically a mortgage in which senior citizens can convert the built up equity in their home into an additional amount of cash or a line of credit. If you are interested in applying for this type of…

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