Well, this is the direction the FHA loan is going as America is staring at a huge domestic crisis, as to how to take care of the aging Baby Boomers.
Most don’t have enough money to retire and live on for the rest of their lives and with the recent positive changes in the FHA HECM Reverse mortgage, it will provide them an additional option to preserve the funds that they do have in any portfolio.
This is the most regulated loan in the Lending industry. Safe, affordable and a realistic option to fund one’s longevity.
Here is the remainder of the article.
New Study Underscores Retirees’ Need for Non-Traditional Funding Sources
Posted By Jason Oliva On June 7, 2016 @ 5:32 pm In News,Retirement,Reverse Mortgage
“Such reluctance can be largely attributed to a lack of education on how to strategically leverage home equity in a retirement income plan, coupled with a lack of understanding for the new consumer protections that have been enacted in recent years.
Of a total of 1,003 people between ages 55-75, roughly 70% failed a retirement income literacy quiz on reverse mortgages administered by The American College earlier this year. While more than half of these retirees and pre-retirees (56%) said they haven’t considered home equity use in retirement, far less (14%) admitted they have considered the idea of using a reverse mortgage to support their retirement.
Despite these attitudes, as longevity is expected to increase, more seniors may find themselves with insufficient savings to sustain their financial needs in retirement. This presents a plausible scenario that could lead to increased demand for reverse mortgages in the future, but it all starts with education.”
If you would like an honest and detailed presentation of the facts about Reverse loans, please contact me.
I will meet with anyone living in the Southern California region.