Retiring in Tacoma: Exploring Reverse Mortgages for Financial Peace Retiring in Tacoma — with its stunning Puget Sound views, growing arts scene, and access to quality healthcare — can be a rewarding experience. However, many retirees face financial realities when living on a fixed income. This can make it challenging to feel fully at ease. At Penny Lane Financial, we provide informed, well-rounded guidance for every stage of life. That’s why we’re sharing key highlights from

When you're ready to buy a home, one of the most important factors to understand is how mortgage rates  affect your financial future. Whether you're a first-time buyer or someone looking to refinance, the impact of mortgage rates  is crucial for making informed decisions. In this post, we'll dive into how mortgage interest rates  influence your monthly mortgage payments  and the overall cost of your loan. How Mortgage Rates Affect Payments You may not realize that mortgage ra

Many people assume that their will controls who inherits all their assets when they pass away. However, this isn’t always the case. Many assets, such as life insurance, annuities, and retirement accounts (401(k)s, IRAs, 403(b)s), transfer directly to a named beneficiary—regardless of what a will says. Additionally, many financial institutions allow you to name beneficiaries on non-retirement accounts, known as Transfer on Death (TOD)  or Pay on Death (POD)  accounts. While th

Purchasing a home is an exciting journey, but it doesn’t happen instantly. The mortgage process can take anywhere from 30 to 90 days or more, depending on the complexity of the steps involved. To simplify the process, especially for first-time homebuyers, it’s important to understand each stage. In this blog, we’ll walk you through the key steps to securing your home loan. Your 8-Step Guide to Securing a Home Loan Follow these eight steps to get approved for a mortgage and be

As we age, financial security becomes increasingly important. One often overlooked tool in achieving this is the reverse mortgage. If you’re over 60, understanding how a reverse mortgage can work for you might be the key to enhancing your retirement lifestyle. Here are five fascinating facts about reverse mortgages that you probably didn’t know. 1. Reverse Mortgage Benefits: More Than Just Cash Many people associate reverse mortgages solely with cash influx. However, the bene

A reverse mortgage can be a valuable financial tool for retirees looking to enhance their income and maintain their lifestyle. But what is a reverse home mortgage, and how does it work? Let's delve into these questions and explore the benefits it offers. What is a Reverse Mortgage? A reverse mortgage is a special type of home loan designed for older homeowners. Unlike a traditional mortgage where you make monthly payments to the lender, a reverse home loan allows you to borro

Reverse mortgages backed by the Federal Housing Administration (FHA), otherwise known as home equity conversion mortgages (HECMs), account for almost all reverse mortgages in the United States, according to the National Reverse Mortgage Lenders Association. In 2021, more borrowers entered into reverse mortgages than the year before, at almost 50,000 more. Other ways to tap into home equity, such as home equity loans, home equity lines of credit, and cash-out refinancing, were

If you’re a renter, you might find yourself considering whether you should buy a home instead- especially when your lease is about to expire. But it’s not always as simple as paying rent versus paying a mortgage. When you’re thinking about making the leap to homeownership, consider some of the factors that might come into play. Cost Of course, money will be a top consideration as you weigh your options. Be realistic about what you can afford. Homeownership isn’t just about th

The complexity of the mortgage process can make searching for and securing a loan difficult and confusing. There are many considerations to be made by both the lender and the borrower and finding a match may seem difficult. One relevant complication is that you may find cases where your mortgage lender does not service your loan. While this isn’t a terribly significant issue, it can add some inconvenience and confusion to a process that doesn’t need more hurdles. What is the

Generally when you apply for a home loan, you often need to provide your W-2’s and tax returns. But what if you don’t have those? Luckily, there are other options. Bank statement loans are a type of loan that allows you to get a mortgage without the documents that most loans need to prove your income. They are also known as “self-employed mortgages”, “alternative documentation loans”, or "Non-QM loans". Bank statement loans can be used if you work for yourself or own a busine

Last week we went over the provisions of the SECURE Act 2.0 that affected employers, both small and large. This week, we’ll dive into the provisions that affect plan participants, as well as student loans, savings and emergencies. Provisions For Plan Participants New RMD Start Date SECURE 2.0 pushes back the beginning date for required minimum distributions from qualified plans. Individuals turning age 72 during 2023 or later will start their RMD at age 73. For those reaching

1. Dryer Vents If a washer and dryer are blocking the vents, chances are home inspectors are going to miss it. Some vents are so clogged, the dryer won’t even dry clothes. This also creates a fire hazard. If vents are relatively easy to access and straight enough, you can clean them yourself, but you may need to hire a professional. 2. Faulty Major Appliances Major appliances usually have a decent shelf life, but even if home inspectors say they are functioning , proceed with

The process of purchasing a home can be overwhelming and time consuming. Your realtor and loan officer will help outline the process for you, and will be by your side through the entire process. It is important to be available during this process, as it takes prompt time and effort on all ends, including yours. Consult your loan officer before you make any decisions involving your credit during this escrow period. We are always available to help. During your loan process, th

Home loans are heavily dependent on your unique situation. Usually, a broker will base your mortgage program on income type, income amount, property type, credit position, etc. These qualifiers are common with mainstream loan types like Conventional, FHA, VA, and USDA. What if you don’t fit into any of these categories or don’t meet the right criteria? Luckily, there’s hope with Non-QM mortgages, or Non-qualified mortgages. Non-QM home loans are not required to meet agency-st

If you didn’t know by now, mortgages in the United States are at an all time high in consumer demand and all time low in interest rates. If you already refinanced, you are probably relaxed knowing you may have the lowest rate you’ll ever get. If you haven’t refinanced, it is smart to pay attention to recent trends, including the fact that rates are indeed rising and will continue to rise. Let’s examine some of the trends that are shaping and reshaping the mortgage industry in

We are excited to offer our new Reverse Mortgage Guide to all our readers. With valuable information and simple terms you will can learn more about reverse mortgages and if one is right for you. This handy little booklet is a quick read and easy to understand. Download the guide here . Give it a read and let us know how we can help.

As of early 2020, 45 million borrowers collectively owe $1.6 trillion in student loan debt in the United States, weighing in at the second highest consumer debt category behind mortgage debt. This very well could be a reason that many millennials don’t own homes, and are waiting until their mid-thirties to buy one. It is important to note that student loans generally do not reveal your entire financial history, although they are considered in your Loan to Debt Ratio by mortg

With interest rates currently at historic lows, many American’s are considering refinancing their home loan. If you haven’t considered refinancing, keep reading to discover the reason it might be a great financial decision. Even if your current loan payments are affordable, there are a variety of benefits to refinancing. Whether you’re just trying to reduce monthly mortgage payments or you need cash to pay for essential expenses, you want to make sure that you examine your op

A reverse mortgage can be used in a variety of ways, all of which could potentially increase your standard of living during retirement. It’s a misconception that reverse mortgages are only for the desperate homeowner, and for this reason, many great candidates are left behind. Get educated so you know if a reverse mortgage is right for you. Here are three ways people use a reverse mortgage: Need Yes, a reverse mortgage is a great option for someone who is in need of cash to p

In recent years, the reverse mortgage has made its way into discussions of retirement and financial decision making across the country more than ever before. Although we have seen some controversy arise through lists of pros and cons, and even possible scams that have been warned against by the U.S. Department of Housing*, don’t shy away from learning about your options with a reverse mortgage. A reverse mortgage might be the right financial tool to meet you, your loved ones