Home Equity Conversion Mortgage (HECM) in the News.
A Happy Condo Owner with a Proprietary Reverse Mortgage
In last month’s newsletter, we announced significant improvements to our Platinum Program, a non-FHA product for clients with higher home values. In this borrower story, The National Reverse Mortgage Lenders Association (NRMLA) highlights how private mortgages can help more homeowners, such as owners of condos. Because many of these properties do not meet the strict guidelines of a traditional reverse mortgage, private alternatives are becoming more popular.
Growing Number of Seniors Rely on Reverse Mortgages to Finance Home Care
Home care remains among the most preferred option for the older population, according to this recent article. However, the average national monthly cost of in-home care hovers around $4,004 per month, according to the most recent Genworth Cost of Care Survey. That’s more than $40,000 per year, with seniors living older than ever before.
Given the cost, it’s no surprise a growing number of seniors are turning to their houses for help paying for staying in them. Read the full article here.
As always, we offer ongoing educational opportunities that will keep you up to speed on new strategies that can bring more value to your clients and boost your retirement planning opportunities. All safe and compliant – with very little required of you. For more information and to register for an upcoming event, click here.