February 5, 2018 | by Editorial Team at New Retirement According to AAG, the first reverse mortgage was issued in 1961 to a widow in Portland, Maine. A banker, Nelson Haynes of Deering Savings & Loan designed the loan to help the widowed wife of his beloved former high school football coach. The idea behind these loans… [Read More]
Using a Reverse Mortgage to Buy a Home: A Toolkit for Real Estate Agents
This free toolkit for real estate agents from the National Reverse Mortgage Lenders Association explains how senior homebuyers can use a reverse mortgage to finance the purchase of a new home with the Home Equity Conversion Mortgage for Purchase program. The toolkit describes the benefit of using HECM for Purchase and outlines the HECM for… [Read More]
Find the Right Audience for Senior-Housing Deals
Quality operators are the key to brokering deals and achieving long-term success From: Scotsman Guide Entering fourth-quarter 2017, the senior-housing and care industry remained active. This sector is comprised of independent and assisted living, memory care, nursing care, or any combination of these care levels, including continuing-care retirement communities. The senior-housing sector, with long-term demographic… [Read More]
Rightsizing vs. Downsizing—Making A Positive Lifestyle Choice
From SMART Living 365 Last month Thom came across an article in the Wall Street Journal (WSJ) with a headline that said, “Everybody Says You Should Downsize. Everybody May Be Wrong.” We both found that statement to be so incredulous that we had to reread it. And we weren’t alone in our surprise. Most of… [Read More]
Hanging in the Balance: The High Cost of Long-Term Services and Supports
From AARP I recently had the opportunity to participate on a panel sponsored by Genworth that turned out to be a truly candid and oftentimes personal discussion on an emerging crisis. The topic: “Solving America’s Long-Term Care Crisis: What We Can Do Now to Fix the $750 Billion Program.” In what way was the panel… [Read More]
The Quiet Comeback of Reverse Mortgages
From New York Times WHEN Peter and Joyce Hill wanted to buy a home in a community for people 55 and older in an area they had always admired in Lancaster County, Pa., they used a reverse mortgage to finance building in that development. “A reverse mortgage gave us the option to build what we… [Read More]
Existing-home sales slide as prices surge on tight inventory
First-time buyers accounted for 32 percent of sales in June, down slightly from 33 percent a year ago Dow Jones Newswires – Denver Post Sales of previously owned U.S. homes fell in June and prices jumped as strong demand overwhelmed a pinched supply of available homes. Existing home sales fell 1.8 percent in June from… [Read More]
New Thinking About Reverse Mortgages
Thanks to rising interest rates, reverse mortgages are becoming more appealing to younger retirees. Although Americans are eligible to receive a reverse mortgage (also known as a Home Equity Conversion Mortgage, or HECM) at the age of 62, in the past, most waited until beyond that age to acquire a reverse mortgage. Recently, however, many… [Read More]
Many mortgage applicants will get a surprise boost in their credit scores
Thanks to an underreported policy shift, the major national credit bureaus will be giving home buyers a surprise boost to their credit scores. The bureaus will stop collecting and reporting a significant amount of civil judgment and tax lien information on public records. These affect millions of American consumers beginning on July 1. To learn… [Read More]
