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

By now, if you're reading this, you probably know who we are. But do you know what we actually do? Aside from having “Financial” in our name, how do we help people? Here’s a quick breakdown of our services and why they should or could be important to you: Retirement Planning – Many Americans are not as prepared for retirement as they might like to be, or actually need to be. What does your retirement look like financially? Where will your income come from? What about your he

An equity line reverse mortgage allows you to take different lump-sum amounts of equity out of your home as desired or needed up to a predet

Money mistakes are a common learning experience from which we can grow. However, when you’re in retirement, bad decisions can be catastrophic. A retiree’s ability to replenish savings is usually greatly diminished, since they are no longer generating income from a job. Luckily, you can learn from the experiences of others and avoid some of the more common mistakes. 1. Not Changing Lifestyle After Retirement Among the biggest mistakes retirees make is not adjusting their exp

If you are over 50 and have delayed saving for retirement , you may still have time to fund your retirement by taking these actions now: Start saving. Max out your retirement contributions to IRAs and 401(k) accounts. If you are age 50 or older, you can contribute $6,500 per year to IRAs, and $60,000 per year to 401(k)s. Increase your income. Work more hours, negotiate a raise, or take a part-time job on the side. You could turn a hobby such as woodworking or quiltin