Reverse Mortgage Blog

Reverse Mortgage Blog

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According to data collected by the US Center for Disease Control, a 65-year old man has an extended life expectancy of 17.2 years and a 65-year old woman will live another 19.9 years. Social Security data shows that at least one member of a 65-year-old couple can expect to live for another 23 years. Those are averages; there is a 30 percent chance you could live past the age of 92. Life expectancy keeps growing. In 1900, the average life expectancy of someone born in the US was 49 years. Now it is 77.9 years. As each year passes your life expectancy grows longer, which explains why a 65-year old man can expect to live to 82 and a woman of that age should reach 85 on average. Life expectancy increasing = good news! This is certainly good news for retirees who have worked for 40 to 50 years ...

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It was less than five months ago when S&P downgraded US Treasury debt on concerns that the federal budget deficit was growing larger and the pace of long-term economic growth was slowing. Typically, traders will become concerned after a downgrade and sell off the bonds that were downgraded, which will drive interest rates higher. That hasn’t happened to Treasuries, and rates are actually back below 2 percent on the ten-year note. Rates that are this low present a significant challenge to income investors. At least one bond market expert is telling investors to expect more of the same for at least a couple years. Jim Bianco, founder of the well-respected economics research firm Bianco Research, recently said in an interview that rates on the ten-year Treasury note will stay at or be...

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Aging is an expensive process and the government recognizes this. Local, state and federal agencies offer a variety of programs to help senior citizens face the costs of aging. There are over 2,000 federal, state and private benefits programs available to help. The problem is that these programs often spend all of their money on benefits rather than advertising, and many potential beneficiaries never even know the programs exist. In other cases, many people know vague details about a program but don’t know how they can apply. Learn more about programs that help you manage the costs of aging The nonprofit National Council on Aging (NCOA) offers a free service at its web site to help you find out about local services that might be available. BenefitsCheckUp is personalized for you and offe...

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Uncertainty is the single best word to describe the economy and the housing market. It is also a good word to describe the national political outlook in an election year. With no one sure what will happen over the next year, many consumers are taking a wait and see approach to the housing market. Recent data confirms this as the number of pending sales dropped more than expected last month. The National Association of Realtors (NAR) said that its Pending Home Sales Index fell by 3.5 percent in December. Optimists had thought the real estate market might have turned a corner after the index hit a 19-month high in November, but most economists had projected a decline in contract signings at the end of 2011. Experts were looking for a 1 percent decline and were surprised by the steepness of t...

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Several years ago, analysts and traders spent many hours trying to guess what the Federal Reserve would do during their regular meetings. Many traders took positions based on whether or not the Fed was likely to make a change in their policy and analysts pored over every word that Fed Chairman Alan Greenspan offered for clues about his thinking. Under Chairman Ben Bernanke, there has been a move towards more openness and the Fed took that policy to a new level after their January meeting. They announced that they will “keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipate that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for...

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Many people dream of retiring early so that they can do all of the things they had to put off during their working years. Often, they don’t get right to their dreams. Some find that their retirement income doesn’t fully cover their living expenses and they need to work a part-time job to make ends meet. Others decide that they should let their account balances grow a little more before splurging on a dream vacation or an RV. There are many sound financial reasons to delay doing something. There always are. However, there could be equally compelling reasons to act now instead of later. Why act now on your retirement dreams? Inflation favors acting now in many cases. In the long-term, even low inflation will steadily chip away at the buying power of your dollar. Over the past five years,...

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Todd Ausherman, co-founder of Legacy Reverse Mortgage and Real Estate Attorney,  joins Craig Sewing in studio as a co-host to discuss the GOP political race.  The two go over each of the four candidates and examine their strengths and weaknesses.  Craig and Todd delve deep into the mudslinging that is going on between the GOP frontrunners Newt Gingrich and Mitt Romney and dissect whether or not this hurts the GOP’s chances in the general election.   The two real estate professionals discuss a recent article about the reverse mortgage program and why reverse mortgages have yet to hit the mainstream.  The show ends with a discussion of reverse mortgage testimonials and Todd gives some examples of how reverse mortgages have helped the listeners of Craig’s show.

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Todd Ausherman, Co-Founder of Legacy Reverse Mortgage, joins host Craig Sewing in studio to co-host a discussion on politics, real estate and practical solutions people may look to in this upside economy.  Todd and Craig enter the minds of GOP front runners Newt Gingrich and Mitt Romney and the negativity involved in the tactics the two candidates employ.  Rick Santorum was analyzed for his role as the man who is running the cleanest campaign thus far.  Of course the two took the time delve into the reverse mortgage program and what it means to today’s retirement and baby boomer communities.

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Many condominium developments around the country have lost their eligibility for Federal Housing Administration (FHA) financing, which could make it much harder to sell units in those projects. This is due to several changes in rules that have been released in response to the housing crisis. The US Department of Housing and Urban Development had previously required that completed condo projects only needed to apply for approval one time and the certification would remain in effect for the life of the project. But in the wake of the housing crisis, HUD began requiring renewals on all condo projects every two years. In order to obtain approval, no more than 15 percent of units in a development can be delinquent 30 days or more on their association fees. In addition, at least half of the unit...

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Reverse mortgages are a versatile financial planning that allows home owners who are at least 62 years of age to convert home equity to cash. There are a number of advantages to reverse mortgages. You can get cash without having to find a buyer in a slow moving real estate market and you won’t be adding a monthly bill to your finances. That’s because reverse mortgages don’t require a monthly payment like a home equity line of credit does. Even though no monthly payment is required, there are costs of a reverse mortgage. Just like with any other loan, there will be the expense of interest. In the case of a reverse mortgage, the interest costs are added to the balance due and collected when you move out of your home. That makes the current low interest rates an important benefit to...

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