(BPT) – Across the nation, thousands of seniors have used a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage loan, as a savvy way to access the equity in their homes as part of their retirement strategies.
Those who are interested in a reverse mortgage loan should know that there are six main phases to the process: 1) educating and qualifying 2) counseling, 3) approval, 4) funding, 5) using and 6) settling.
1. Educating and qualifying
The HECM process begins by contacting an FHA-approved lender who will review the borrower’s situation, educate them on the HECM program, and determine if they would likely qualify for a reverse mortgage loan.
“Once the lender has determined that the borrower is eligible, they work closely with them to shape the loan so it fits their needs,” says Paul Fiore, Chief Sales Officer for American Advisors Group, the leading reverse mortgage lender in the nation. “At AAG, this is a highly personalized process View full post…
Posted: January 11, 2019 Under: Retirement By: BPT
4 Things You Can Do To Learn How To Get Your Finances in Order
Are you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.
If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.
Do You Know What’s More Important – To Save for Retirement First or Your Child’s College?
This topic is a hot potato in many respects. Should the parent’s primary responsibility be to save for the child’s education first or to save for retirement? The answers to that question will vary depending upon who responds – the parent or the child.
As parents, we know all too well how high college costsare and the student loan problems that exist today. We all want our children to be successful and have many of the financial advantages that we didn’t have. Student loans now average $35,000 to $37,000 per college graduate, and no parent wants this burden for their child.
However, many financial advisers are of the opinion that a parent can take better care of the child if they take care of themselves first. By this, they mean that the parent should save for retirement first, then college. Following are some of the reasons View full post…
Posted: August 28, 2018 Under: Retirement By: Gust Lenglet
Retirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.
What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.
Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.
The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…
Posted: July 30, 2018 Under: Retirement By: Gust Lenglet
Do You Know How to Get Rid of Debt? – 10 Helpful Tips
Do you know anyone who is living a debt free life? Do you want to live without the stress of meeting loan obligations every month? Read on and see how to get rid of debt once and for all.
Debt-free individuals usually share the following ten similar characteristics that enables them to live below their means. There’s nothing here that is so highly technical that prevents anyone else from copying.
Start paying attention to details – As an example, if you don’t review your monthly credit card statement closely, there may be charges on there that shouldn’t be. Debt free individuals monitor their personal finances very carefully.
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