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There is never a wrong age to begin saving for retirement, and when it comes to saving money, there’s no time to begin like the present. Here are three tips to keep in mind on how to properly save for your retirement. 1. Open and Fill Your IRA or 401k If you have yet to open an individual retirement account, get started now. Depending on your income level, you may […]

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A senior reverse mortgage is a loan given by a reverse mortgage lender(banks) to old homeowners, that instead of making monthly payments he/she will be paid by the lender against the value of the property. Unlike traditional mortgages which require monthly payments to reduce the debt, reverse mortgages grow over time until the homeowner dies, sells or moves out of the property. A senior reverse broker can help you get […]

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Life after retirement is not as easy as it’s portrayed, coming from a good monthly salary to having to depend on retirement benefits can take a toll on anyone, and that is why most senior citizens who qualify for a reverse mortgage consider it. To qualify one needs to be at least 62 years of age and an owner of property or estate. A senior reverse mortgage is a type […]

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As a homeowner with significant equity on your property, the challenge of repaying outstanding loans doesn’t have to cause a lot of stress in the long term. The U.S. Department of Housing and Urban Development(HUD) allows homeowners to convert part of their home equity into cash and receive monthly payments without having to relinquish their property ownership or move out of their house. What exactly is senior reverse mortgage? A […]

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Being a snowbird can be ideal for retirees. What, exactly, is a snowbird? Named after the habits of a certain feathered friend, a snowbird is a retiree who spends the winter months at a warmer location. This prevents them from experiencing the risks and chills of winter, benefiting their physical and mental health. Naturally, spending a few months a year at a different and warmer place incurs costs. You may […]

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A senior reverse mortgage is a loan provided to seniors and elders based on the equity and value of their home. It is meant to be used to pay off mortgage debts while providing a steady stream of funds for living expenses. Like all loans, senior reverse mortgages come with some fees and costs that you will have to consider. Upfront Fees There are some charges you will have to […]

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Loans that grant elderly citizens for cutting down their houses’ equity to assist in funding for the cost of living and further expenses are typically known as a reverse mortgage. The loan value increases proportionately as the house equity reduces. Like conventional mortgages, for a senior reverse mortgage, the borrower does not give any mortgage payment every month, although, the monthly interest rate is accumulated on top of the primary […]

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A senior reverse mortgage is a special type of loan where a homeowner borrows money from a lender using a mortgage-equity as security. This amount could be as a line of credit/ regular-income stream, a lump-sum or combination of all/any of these options. The interest of the loan is calculated and charged like the other loans. However, you need not repay the loans while living in your home. This means […]

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Did you know that there’s a better way for you to pay your medical expenses during retirement? For Older Americans, paying healthcare has been a huge issue. The cost of healthcare continues to rise. Financial experts say that the cost of an average couple aged 65 is between $260,000 to $565,000. But gladly, you can have a better medical care plan with this reverse-mortgage. In this article, we are going […]

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A senior Reverse Mortgage makes the senior citizen of age 62 or older to borrow the money against their shares in the house. The senior reverse mortgage is an additional source of income against the house owned by the homeowner. Under the reverse mortgage, the citizen has two options. Either the owner can receive money in installment or the lump sum from the lender directly, or the homeowner can buy […]

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