Most retirees prefer to stay in their home during their retirement years. Let me help you achieve that goal. Reverse mortgages were created by the U.S. Congress in 1988 to help seniors “age in place.” Over one million homeowners have used this option since then. Jim Stanko is a Reverse Mortgage Specialist with over 50…
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As a financial advisor, you may be overlooking a significant planning tool… a reverse mortgage line of credit. The government-regulated and insured FHA Home Equity Conversion Mortgage or HECM is designed to help seniors of every economic stratum. As recent peer reviewed studies conclude, it can be an important strategic tool to be incorporated into…
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You’re retired – or soon will be – and you’re in the process of planning for the days after you stop working. You’re checking with your financial advisor regularly to make sure your IRA or 401K is performing as you hoped, and you’ve worked long enough that your Social Security payments will be near the…
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Unlike previous generations, today’s baby boomers face some unique challenges to funding – and maintaining – their current lifestyle in retirement. They can no longer depend on the steady income provided by a company pension as their parents did. Instead, most are left hoping that their savings from an IRA or 401K, combined with Social…
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As they enter retirement, many seniors feel comfortable with the amount of equity they’ve built up over their working years. They think that the steady income they’ll receive from their Social Security payments, coupled with the funds from their IRA or 401K, will be enough to fund their retirement. But what if something unexpected happens,…
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Non-FHA proprietary or so-called “Jumbo” reverse mortgages are distinctly different from the better known FHA-insured reverse mortgage. “Jumbo” reverse mortgage guidelines sometimes allow for more flexibility, and their features tend to appeal to more affluent senior homeowners. The first difference is that unlike an FHA reverse mortgage, the lending limit for Jumbo reverse mortgages is…
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With financial scams targeting seniors occurring with such frequency, it’s fair for senior homeowners to ask, “Is a reverse mortgage safe?” Since the first FHA-insured reverse mortgage was issued in 1989, many safeguards have been put in place to protect senior homeowners against unscrupulous practices. It begins with a requirement that seniors be counseled by…
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Having enough cash to last to – and through – retirement is one of the major challenges facing today’s seniors. A reverse mortgage is a safe way to help senior homeowners improve their cash flow while allowing them to better “age in place” in their own home. With a reverse mortgage, seniors can tap into…
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A frequently asked question about reverse mortgage loans is, “When do I have to pay it off?” There are several scenarios regarding when a reverse mortgage would have to be paid off. The first would be when the last borrower passes away or moves out for more than a year, so the home is no…
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If you’re considering a reverse mortgage to help fund your retirement, you may be wondering, “How do I qualify?” To be eligible for a typical reverse mortgage, you must be at least 62 years of age, but for a “Jumbo” reverse mortgage – typically used for high end, premium properties – the age limit can…
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