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Retirees…low interest rates and how banks profit.
No one has to tell someone who relies on a fixed income what low-interest rates mean. More seniors are depending on the equity in their homes to bolster retirement income. From the NYT’s: If you’re a retiree who relies on interest income, you know that the tap is running dry. In fact, many investors in certificates of deposits, savings accounts and money market accounts are losing money... [Read more]
Reverse Mortgages are not for everyone.
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Reverse mortgages used to offset declines in investments
When working with seniors, I have found that the number one reason for their interest in reverse mortgages is due to a decline in their investments. Then, not only have they seen a decline in their investments, they are also subject to ridiculously low-interest rates on the income producing investments that they have left. They are getting killed. Thus the contemplation of turning their home equity... [Read more]
New disclosures for reverse mortgage borrowers
Hopefully seniors will benefit from some new proposed disclosures when contemplating a reverse mortgage. Reverse mortgages seem a bit complex because they require a paradigm shift. Instead of paying monthly for a mortgage, a borrower (or their estate) pays back the mortgage when they no longer live in the property or die. It takes a little longer to wrap you arms around. But they aren’t... [Read more]
The worst article about reverse mortgages ever written?
OK. Maybe not the worst ever, but close. A recent article in Forbes tells seniors to “avoid reverse mortgages.” Why? I don’t know. In spite of the alarmist headline, the author really never gets around to saying why reverse mortgages are so bad. The author and the “advisors” she quotes do try to make a case that reverse mortgages are expensive therefore they should be... [Read more]
