How the Economic Crisis is Affecting Senior Homeowners
In Selling Your Home: How the Housing Crisis & Economy Factor In, I encouraged you to not let excuses stand in your way of moving, if the time is right for you to move. Recently, I had a conversation with a reporter from the Minneapolis Star and Tribune. The reporter asked me what kinds of trends I was seeing with seniors in the current economy. He was wondering if I was seeing seniors become “stuck” in their homes because...Read the rest of this article »Related Articles
Reverse Mortgages Pros and Cons
A reverse mortgage, with pros and cons either you way go, understandably has its fair share of both advocates and critics. A financial tool to help seniors pay for home improvements, stay in their home, and increase their standard of living, the downside of reverse mortgages for seniors is that the cost can be high. I recently met with a family who asked me to outline general reverse mortgage pros and cons and to help them talk with their...Read the rest of this article »Related Articles
The Real Cost of Reverse Mortgages
Chances are, you’ve heard of reverse mortgages. But do you really know how they work? There are many professionals on both sides of the fence. One side will try to sell you on the upsides of reverse mortgages, and the other will warn you of the downsides. Let me tell you this, objectively: reverse mortgages can be a good solution for a certain type of consumer, but they are complicated. Understand how they work before you decide on this...Read the rest of this article »Related Articles
Fund Unexpected Elder Care Costs with Your Personal Resources
When shifting circumstances bring unexpected elder care costs, they also bring the urgency of having to make short and long-term financial decisions. It is at this point that one must confront the reality of the exorbitant costs of care for the chronically ill and elderly. In 2007, the annual cost of long-term care in the US averaged $77,000. While many people are woefully unprepared to handle these high costs, many others have serious misconceptions about the real costs of...Read the rest of this article »Related Articles
Reverse Mortgages Explained
What Is A Reverse Mortgage A reverse mortgage is a unique financial tool that allows seniors to access the equity in their homes. The reverse mortgage loan requires no monthly payments or fees. Instead, the lender pays you. No payments are due as long as you remain in your home. The loan balance only becomes due when you move from your home or pass away. Reverse Mortgage Facts: No financial qualification is needed There are no payments as long as...Read the rest of this article »Related Articles
