Because you are 62+ you may be eligible for a reverse mortgage
Whether you're planning your own retirement or helping a loved one prepare, a reverse mortgage loan can help secure the resources for a more comfortable financial future, with less financial worries. And the right reverse mortgage lender can help simplify the process by answering all your questions, addressing any concerns promptly and in a straightforward way, and helping you determine the best course of action for your individual financial circumstances.
 
     
  • We offer government-insured* Home Equity Conversion Mortgages and our own proprietary reverse mortgage products
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If you or a family member are considering a reverse mortgage as part of a smart retirement planning strategy, an experienced specialist at Reverse Mortgage Funding can help you determine if it’s right for your needs.
Discover how to strategically leverage home equity as part of a comprehensive retirement plan
See which type of Reverse Mortgage is best for you
Reverse Mortgage
Retirement is complex and a holistic plan is important. So why not leverage one of your largest assets, your home equity, as a strategic financial tool?
 
A reverse mortgage puts your hard-earned equity to work so you can plan to maintain or elevate your lifestyle during retirement.
 
Here are some thought starters on how you can optimize your retirement with a reverse mortgage:
 
     
  • Pay off your current home loan and eliminate mortgage payments*
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  • Supplement your retirement income with tax-free funds**
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  • Avoid cashing out stocks and other investments in down markets
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  • Pay for medical or long-term care needs
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  • Pay for major home improvements
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  • Purchase a more suitable home with no monthly mortgage payments*
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  • Establish a line of credit that you can access as needed
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  • Start a new business
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  • Fulfill your travel dreams
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Let’s have a conversation about your retirement goals!
Equity Avail
     
  • EquityAvail reduces your monthly payments for the first ten years of the loan*
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  • Then, after ten years, your monthly mortgage payments are eliminated
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  • Plus, there's an option to receive a lump sum cash payout on the day you close.
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    EquityAvail is our innovative home equity product designed to help you live retirement on your terms. It reduces (and ultimately eliminates) your monthly mortgage payments*, increases your cash flow, and can also provide you with a lump sum of cash to put toward your personal goals.
     
       
    • Face economic uncertainty head-on
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    • Reduce the amount of your monthly mortgage payments
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    • Potential to get cash upfront so you can live retirement your way
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    •  
 
 
 
The best part is, you get to remain in your home.*
Home Safe
Breaking Down the Reverse Mortgage Application Process: 6 Easy Steps
 
 
Financial decisions should never be made in haste — especially when it comes to major commitments like a reverse mortgage loan. It’s important to work with a lender you trust, and one that can provide you with a variety of reverse mortgage options.
 
Our reverse mortgage specialists will support you throughout the entire loan process, answering any questions you may have. Be sure to call us when you’re ready to get started.
 
The path to financial peace of mind 
 
From beginning to end, obtaining a reverse mortgage generally takes about 30-45 days. Here’s what you may expect at each step:
 
     
       
    1. Education. A loan specialist will provide you with the reverse mortgage options that may fit your needs. He or she will explain the terms, benefits and costs of each product and borrower responsibilities through the life of the loan.
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    1. Counseling. Are you a good candidate for a reverse mortgage? Reverse mortgage counseling is required for all prospective borrowers. Because reverse mortgages are only available to older Americans and involve what is often their biggest asset, counseling helps make sure borrowers understand all aspects of their loan. Lenders are required to provide a list of independent, HUD approved Reverse Mortgage counselors to all borrowers. Counseling sessions generally last around 90 minutes. Counselors will discuss the application process, the borrower’s responsibilities and obligations, and the lender’s responsibilities. Counselors will also make sure the borrower knows about other financial options that may better fit their needs. Close friends or family members are encouraged to attend the session with the borrower, to ask their own questions and to better understand the process. When the counseling session is over, both the counselor and the borrower will sign a counseling certificate confirming the counseling requirement has been fulfilled.
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    1. Application. Before completing an application, the borrower must select a lender. Borrowers will generally work with the same loan specialist throughout their application. They will be required to provide some personal information and will be asked to choose how they want to receive their funds. Options include fixed monthly installments, a lump sum, a line of credit, or a combination of these options. (Borrowers who elect a fixed-rate loan will receive a single disbursement lump-sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s Equity Elite® loan provides a fixed-rate term payment option.) Lenders will also analyze the borrower’s financial situation to make sure they’ll be able to afford to pay ongoing home expenses like property taxes and insurance and home maintenance costs. All income sources will be considered. Should the lender decide that an eligible borrower might not be able to afford future expenses, they will set aside a percentage of the borrower’s loan funds to pay for those expenses.
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    1. Loan process and underwriting. A home appraisal is required to process the loan. The appraisal will be reviewed and approved by the loan underwriter. The loan underwriter also reviews all information provided by the homeowner and the lender. They will make sure that the loan complies with guidelines before granting conditional approval of the loan.
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    1. Closing. After the loan application has been approved, the borrower will sign the closing documents with a title agent or attorney, depending on their state’s regulations. It will take a few days to schedule a closing date and make sure all involved parties receive the necessary documents.
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  1. Disbursement and funding. The borrower has three days after signing the closing paperwork to change their mind, known as the Right of Rescission period. After this, the loan funds will be disbursed. Any existing mortgage will be paid off and a new lien is placed on the home. The HECM for Purchase and Equity Elite® for purchase options do not include a Right of Rescission period, unless a borrower adds additional funds to the purchase, in which case, the added funds are subject to recission.
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The funds from the reverse mortgage can be used in any way the borrower chooses. Borrowers can change how they receive their remaining funds any time they’d like by filling out a new Payment Plan Agreement from their servicer and paying a modest fee. The new payment plan will go into effect on the first business day of the following month.
 
Ready to learn more? 
 
Use our reverse mortgage calculator for a free custom quote on a reverse mortgage loan. It just takes a few minutes to see if you qualify.
 
Content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
Using Home Equity as a Buffer Asset in Retirement
 
 
 
 
Did you know that millionaires have about 25% of their wealth in cash? It can be a smart strategy to offset any economic downturns. But what about the rest of us?
 
If you’re not familiar with the term buffer asset, it’s an asset that’s largely unrelated to your investment portfolio or the stock market.
 
Buffer assets commonly include a whole life insurance policy or a sizeable amount of cash. But Dr. Wade Pfau, RICP Curriculum Director and Professor of Retirement Income at the American College for Financial Services, points to another buffer asset — tapping into home equity with a reverse mortgage loan.
 
Because the risk is always there
 
For many older homeowners, your most sizeable asset is your home. In fact, homeowners age 62 and older collectively have $9.2 trillion in home equity wealth. Monetizing that wealth can be an effective strategy to create a buffer asset of income tax-free money† to help live a more comfortable retirement.
 
But isn’t a reverse mortgage considered a loan of last resort?
 
According to Christian Mills, NMLS # 1608842, Financial Planner Channel Leader and a Reverse Mortgage Specialist at Reverse Mortgage Funding LLC (RMF), “The HECM loan value available to use this year is $970,800. That’s just shy of a million dollars. This is certainly not necessarily a loan for people who are down on their luck.”
 
A reverse mortgage loan can potentially save you from selling investments at a loss to pay for expenses. You can use your home equity to cover the costs of living while allowing your nest egg to grow.
 
Says Dr. Pfau, “You have to look at how a reverse mortgage integrates into your financial plan and specifically how it helps preserve the investment portfolio through managing sequence of returns risk. The strategic use of a reverse mortgage can improve retirement sustainability.”
 
How big a buffer do you need?
 
For qualified borrowers, your home equity can be accessed as a lump sum, monthly payments or a standby line of credit ‡. Keep in mind, you must also fulfill your loan obligations, including living in the home as your principal residence, paying property taxes and insurance, and maintaining basic home upkeep.
 
The proceeds from a reverse mortgage can also be used as as source of spending while the market is down — to supplement your income, pay everyday expenses, make home renovations, cover home healthcare costs and more.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. 
 
†Not tax advice. Consult a tax professional.
 
‡Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
Using a Reverse Mortgage as a Strategic Financial Tool
 
 
At a recent professional symposium hosted by the Retirement Experts Network, financial planners discussed the challenges of saving for retirement in today’s world — and the unexpected demands on those funds once you retire.
 
But for eligible homeowners, a reverse mortgage loan can improve your retirement efficiency and help ensure financial stability for the best years ahead.
 
Rising to the challenge
 
According to Joe Jordan, behavioral finance expert and founder of Insured Retirement Institute, Americans nearing retirement age are impacted by four major factors:
 
     
  • Longevity and health risks
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  • Asset depletion and running out of money
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  • Inflation
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  • Managing their tax burden
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Says Jordan, “Right now, longevity is the great multiplier of all the other risks that we’ll face.”
 
Nobody is immune to risk. But you can take steps to mitigate it, for example by utilizing home equity to maximize your Social Security benefits by delaying until full retirement age. And you can keep your retirement investments intact for growth †, reducing your exposure to locking in losses after a market downturn.
 
Plus, the proceeds of a reverse mortgage are non-taxable as income, as these payments are not considered income (not tax advice, consult a tax professional).
 
“A reverse mortgage can be a Social Security bridge to get the higher amount later on,” adds Jordan. “It can be used as a buffer asset and a long-term care asset, helping to pay long-term care premiums. It can help manage taxes.
 
Cash now or credit for later
 
Borrowers may use a reverse mortgage to help pay those short-term expenses to provide better long-term outcomes for investments and Social Security benefits. Or the fast cash could simply help you be more flexible with spending as long as you continue to meet the terms of the loan — living in the home as your principal residence, paying property taxes and homeowner’s insurance, and performing basic home maintenance and upkeep.
 
But to retire comfortably, you must plan to have the funds to sustain your lifestyle over the course of retirement — for however long that may be. So even if you don’t need cash right away, a reverse mortgage also allows you to preserve credit as an insurance policy for the future.
 
Dr. Wade Pfau, RICP and Curriculum Director and Professor of Retirement Income at the American College for Financial Services, has long studied the complexities of retirement finances. Says Pfau, “The idea here is you open the line of credit, allow it to grow‡, and it potentially can grow to a much higher value than if you had waited and opened it.
 
He continues, “It also provides a protective hedge on the home value because the line of credit will grow even if the home is declining in value after initiating the loan.”
 
The earlier you establish a reverse mortgage line of credit and the less you take out upfront, the more available funds you’ll have in the future.
 
Because you never know what the future holds…
 
Don’t be left worrying if you have enough money saved to get you through retirement. If you’d like to learn more about the unique benefits of a reverse mortgage loan, the loan specialists  are ready to assist you. Call today to get your questions answered.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. 
 
†As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition.
 
‡If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
Why Now is a Good Time as Ever to Take Out a Reverse Mortgage Loan
 
 
Growing cost of living, increased interest rates, historically high fuel prices — for the average American, 2022 has been an expensive year.
 
Mortgage rates continue to rise, But despite higher rates, a reverse mortgage may still be a good idea for the right candidate.
 
If you’re an older homeowner looking to leverage your home equity, could it make sense to consider a reverse mortgage loan now? Yes. 
 
Seeing the big picture 
 
When you take out a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage loan, you’re able to access the equity you’ve built up in your home all while continuing to live in it and retain ownership. (Of course, you need to keep current on loan obligations including maintenance, insurance and property taxes — just as you do today.)
 
As a borrower, your interest rate depends on a variety of factors, including your age, life expectancy, the home’s value and your disbursement option. Interest is typically repaid when the loan becomes due and payable. This occurs when the last borrower (or eligible non-borrowing spouse) on the loan passes away , moves out or otherwise fails to meet the loan obligations.
 
But if you’re living in the present while planning for the future, the benefits of a reverse mortgage may outweigh temporary interest hikes:
 
Quick access to cash. Retirement changes cash flow. A reverse mortgage loan allows you to leverage your home equity as †a lump sum, monthly payments or a line of credit. So if you need fast cash to pay for medical bills, cover a home renovation or take a vacation to celebrate your retirement, this type of loan can deliver.
 
Investment protection. Most investment earnings are down while inflation is high. By spending home equity before drawing on your investments, you can let your investments continue to grow, reducing the need to take distributions when the portfolio is underperforming, or when assets would need to be sold at a loss. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, and maintenance.
 
The chance to refinance later. Generally speaking, the higher your interest rate, the lower your principal limit. But that doesn’t necessarily mean you’re locked in forever. If you’re looking to cash in on the financial benefits of a reverse mortgage now, you can, if eligible,  refinance later if the rates drop.
 
Growth potential. If your reverse mortgage lender determines you have $300,000 available through a reverse mortgage, but you only need $100,000, that leaves $200,000 that you can leave in a line of credit that’s available if and when you need it. The growth rate for those HECM funds also changes along with any rate ‡change. So if you happen to have a significant amount of money in your reverse mortgage line of credit, increasing interest rates allow that money to multiply quickly. 
 
Seeing opportunity, not obstacles
 
If you’re an older homeowner or homebuyer, a reverse mortgage loan can provide greater financial flexibility and security for the years ahead — despite whatever today’s rates may be. To learn more, give RMF a call. We look forward to discussing your options to live a comfortable retirement.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
For Healthy Aging Month, Be the Best Version of Yourself!
 
 
Aging is inevitable, so why not put your best put forward and enjoy the journey?
 
If you stopped playing tennis or competing in half-marathons because you felt like you were getting too old, start living your life based on how you feel — not your birthdate.
 
September is Healthy Aging Month — a time to embrace the different aspects of aging and find ways to incorporate healthier habits and practices into your daily routine to help you live life to the fullest. These healthy habits and practices don’t have to end once October rolls around. Here are a few ideas to keep the spirit of Healthy Aging Month all year long:
 
     
       
    1. Accentuate the positive. If you’re happy and you know it, show it in your everyday actions and conversations. Catch yourself complaining? Change the conversation to something more encouraging. And while you’re at it, ditch the downer friends. Surround yourself with people who have an upbeat attitude and a rosy outlook on life.
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    1. Watch what you eat. According to the CDC, a healthy diet can help boost immunity, lower your risk for heart disease and type 2 diabetes, and may even help you live longer. A heart-healthy diet focuses on whole grains, lean protein, and fruits and vegetables while avoiding trans and saturated fats and excess salt and sugar. Try adopting more nutritious eating habits to support your overall well-being.
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    1. Conquer loneliness. Rather than spending time missing friends or family, take action to shake those feelings of seclusion. Pick up the phone to catch up with an old friend, invite your family over for a meal or find a new class or activity to occupy your time and meet like-minded people.
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    1. Check in with your doctors. Whether it’s a visit to the optometrist, your annual physical or a dental exam, don’t neglect regular medical check-ups. If there are symptoms you’ve been ignoring, schedule a check-up to put your mind at ease. Don’t put your health on hold. Remember, many diseases are treatable if caught early on.
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  1. Walk the walk. Research has shown a profound link between a sedentary lifestyle and increased frequency of obesity, breast cancer and cardiovascular disease. When the weather permits, lace up your tennis shoes and hit the park or the sidewalks for a stroll. Not only can physical activity help improve your overall health, it can also help you maintain your ability to live independently at home for years to come.
    2.  
 
Adopt a new financial approach 
 
Whether you’re nearing retirement or newly retired, you may be contemplating all the ways you want to spend your newfound time away from the office. And to best enjoy that time, you need the funds to support your retirement lifestyle. For older homeowners, a reverse mortgage loanmay help increase your financial peace of mind.
 
This financial tool allows you to leverage the equity you’ve built up in your home, all while still living in it and retaining ownership. You may access the funds as a lump sum, monthly payments or a line of credit that’s available if and when you need it. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, and maintenance. Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
 
To learn more, a loan specialist from Reverse Mortgage Funding LLC (RMF) will walk you through the process and answer your questions to help decide if you’re the right candidate. Call RMF today to set up an appointment to discuss your financial future.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
Yes, a Reverse Mortgage Can be Life-changing: Here’s Patti’s Story…
 
 
What does an enjoyable retirement mean to you? For Reverse Mortgage Funding LLC (RMF) client, Patti H., age 62, that meant aging in place in her own home while maintaining financial peace of mind.
 
Like Patti, many older Americans in or nearing retirement are looking for additional funds to supplement their retirement income. Some choose to refinance their home through a home equity loan or take out a line of credit. But there’s another option exclusively for older homeowners: a reverse mortgage loan.
 
With a reverse mortgage, Patti was able to eliminate her monthly mortgage payment and have funds left over to create a more comfortable retirement. But the experience for her became so much more than one less monthly payment.
 
“I worked hard all my life. I worked hard the majority of the time I lived in my home. Maybe it’s about time to make my life a little bit easier.”
 
When Patti first heard about a reverse mortgage a few years prior to turning 62, it seemed like a great way to eliminate her monthly mortgage payment and have more funds available for other things. Of course, she knew that as with any mortgage, she must meet her loan obligations, keeping current with property taxes, insurance, maintenance.
 
When she turned 62 and was eligible for a reverse mortgage, she visited Lending Tree looking for a reverse mortgage provider and found a few different lenders that she evaluated. When she contacted RMF and spoke with her prospective loan officer, Joyce, she knew she had an instant connection.
 
Throughout the process, Patti’s loan officer gave her the assurances she needed, which gave her confidence that she was making the right decision. Her loan officer showed through her actions a sense of compassion and understanding that set RMF apart from other reverse mortgage companies. The most important differentiator was the overwhelming support that Patti got from not only her loan officer, but from the whole team at RMF. Says Patti:
 
“It seemed like everybody in the office, for whatever reason, took a special interest in me. By ending one chapter, I was able to start another chapter. And I wouldn’t have been able to do that without Joyce.”
 
Patti was able to get a reverse mortgage that covered the amount that she still owed on her house. In fact, her house appraised for more than she expected, and after refinancing her existing mortgage she had enough funds left over to open a line of credit — so she has a “rainy day fund” to draw on against in case of emergencies. “By having that line of credit, if major things come up, at least I know I’ve got some money to use if I need to,” she explains.
 
But most importantly, after the death of her husband, the reverse mortgage helped Patti to make her house a home again. She was able to leverage the equity in her home so that she can enjoy retirement in the home that she loves, with much more financial flexibility and peace of mind.
 
“I truly believe it does start with the company. If you’ve got great people, then you’ve got a great product, and you build upon that trust. And of course, if I run across anybody that would be eligible for a reverse mortgage the first company I’m going to say is RMF.”
 
This is your retirement
 
If you’re worried you won’t have the funds you need for the retirement you deserve, discover the benefits of a reverse mortgage loan. RMF offers multiple options to leverage your home equity in retirement, including our proprietary loan product for homeowners and homebuyers as young as 55 in select states: Equity Elite*. Call us  to learn if you’re a good candidate. Just as a reverse mortgage changed Patti’s retirement outlook, we look forward to helping you create a more financially stable future.
 
*Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. 
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. 
In Times of Market Volatility, A Reverse Mortgage Loan Can Be Your Secret Weapon
 
 
You may have considered taking out a traditional Home Equity Line of Credit or selling your home to monetize the equity just to make ends meet until the market recovers. But most experts don’t recommend selling following a big drop.
 
For older homeowners, there’s an exclusive tool to help you ride out stock market storms while allowing your investments to grow: the reverse mortgage loan.
 
The loan less traveled
 
Home equity represents about 66% of the average retired American’s wealth. And as home valuescontinue to soar, respected financial experts — including the Center for Retirement Research at Boston College, researchers at Texas Tech University, and Dr. Wade D. Pfau, CFA® — have surmised that older homeowners may have more financial security when using a reverse mortgage to access this important and often under-utilized retirement asset, all while continuing to live in and own the home. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, and maintenance.
 
For example:
 
     
  • A reverse mortgage line of credit can be a great financial tool that you can use as a “rainy day fund.” You can leave it untouched when you don’t need it, but it allows you to be more financially prepared when you do need additional funds — such as when invested assets are under-performing.
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  • It has a unique growth feature that you can’t get with a traditional home equity line of credit: The unused amount grows over time, giving you access to more funds as time goes on. (If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.)
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  • You may also choose to receive your funds as a lump sum or monthly payments to supplement your retirement income or to refinance your mortgage and/or consolidate major debt, all while you avoid tapping into your savings and invested assets. Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s EE loan provides a fixed-rate term payment option.
    •  
 
Another huge benefit, a reverse mortgage has a flexible repayment feature. YOU decide whether you want to make monthly mortgage payments or none at all. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance.
 
As always, if you have concerns about stock market volatility and how it may impact your retirement accounts, we encourage you to speak with your financial advisor. 
 
What goes up, must come down 
 
Market conditions are constantly changing. But as you near or enter retirement, you might not have time on your side to recover from a down market. A reverse mortgage loan may offer the protection you need, when you need it, to keep your retirement lifestyle on track. 
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. 
6 Tips to Fight the Effects of Inflation in Retirement
 
 
For many retirees, this new phase of life means living on a fixed income for the first time. As inflation and the cost of living continue to rise at their fastest pace in over 40 years, enjoying a comfortable retirement may be becoming more difficult.
 
Inflation and a fixed income can be a challenging combination. For older homeowners looking for ways to stretch their dollars further, the following tips may help:
 
Embrace the benefits of age. Arguably one of the most enjoyable perks of growing older? The senior discount. From groceries to travel to entertainment, many retailers extend a significant savings to older customers, usually beginning at age 55. Do your homework before making a purchase or a reservation, as the savings can be considerable.
 
Become a one-car household. Is the convenience of two cars worth the cost? If you or your partner are no longer commuting to work each today, you may be able to save on a car payment, gas and insurance by selling one of your vehicles. And with used vehicles in short supply right now, you may even get a generous payout from the sale itself.
 
Stay active. Some health-related costs can be inevitable — and at times, astronomical, consuming a projected 52% of the average Social Security check by 2030. 
 
What if you could potentially minimize future costs by staying active for as long as possible? A mix of aerobic exercise and strength training can help prevent obesity, high blood pressure, stroke, heart attack and more. Older adults should aim to do at least 150 to 300 minutes of moderate-intensity activity a week, as well as muscle-strengthening activities two or more days a week.
 
Work longer. Keeping one foot in the workforce can help combat the fear of not having enough money. Roughly 29% of U.S. workers ages 61-66 plan to reduce their work hours as they transition to retirement. This strategy can also help to maximize your Social Security benefits. If you can delay collecting benefits until you reach your full retirement age or up until the maximum threshold of 70, your monthly check will be greater than if you begin receiving payments early.
 
Sell what you don’t need. Retirement is a new beginning — and a great time to get rid of belongings that no longer suit you. From dated tech tools and excess home goods to your business wardrobe, parting with unnecessary items can help free up cash.
 
Reassess the place you call home. To save money, there’s always the option to downsize or move to a more retirement-friendly area. As an older homebuyer, a reverse mortgage for purchase can potentially help you buy a new home (whether that’s a single-family home, multi-family dwelling or condominium) using, for example, the proceeds from the sale of your existing home.
 
To hedge against inflation, reverse mortgage loans are also available on your current home if you’ve built up enough equity. Unlike traditional mortgages, this type of loan doesn’t require monthly payments. You can pay as little or as much as you want — when you want. Just be sure to stay current with loan obligations, including property taxes, insurance and maintenance.
 
We’re living in uncertain economic times. But that doesn’t mean you have to forgo your retirement plans — there are better days ahead. Contact  to learn more about the benefits of a reverse mortgage. Our loan specialists look forward to working with you.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
Is Inflation a Retirement Wrecker? It Doesn’t Have to Be
 
 
Is high inflation threatening your retirement plans? You’re not alone.
 
According to the BMO Real Financial Progress Index, 25% of older Americans say they’ll need to delay their retirement. Eighty percent plan to change their actions to offset the impact of inflation and rising costs of everyday essentials.
 
But rather than abandoning your plans altogether, your retirement strategy might just need a few tweaks to keep you on track. Here are a few options:
 
     
       
    1. Re-enter the workforce or consider part-time employment. In February 2022, the number of retired workers turned employees climbed to around 3% of total retirees — the highest level since March 2020. Taking on a post-retirement job can be a great way to earn extra money. Just one additional year in the workforce can increase your savings, as you continue making contributions to your retirement account. And in the meantime, you’ll benefit from a steady paycheck to cover your regular expenses.
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    1. Curb your spending. Planning a major home renovation, a vacation or a new car purchase? Not so fast. If you’re following a strict budget each month, there may be no room for extra spending in this economy. Keep your spending limited to the essentials. As the rate of inflation eases, you may have more wiggle room for the extra splurges.
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    1. Delay Social Security. While money may be tight right now, you’ll receive a larger benefit amount by holding off on claiming Social Security. You’re eligible to begin collecting at age 62, but you’re only entitled to a portion of your benefits at that age. Delaying until you reach full retirement age makes it more likely that you can collect 100% of what you’ve built up. This may help improve your situation over the long-term.
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    1. Rethink your investments. How diversified is your portfolio? Are you making the most of a down market? It’s a good time to review your investment allocations and speak with a financial advisor about how you’re managing risk and discuss any adjustments that could benefit your unique situation.
      2.  
     
 
 
 
     
  1. Consider a reverse mortgage loan. If you’re planning to age in place at home, a reverse mortgage can be a valuable financial tool to help keep your retirement plans intact. This type of loan allows you to leverage the home equity you've built up over the years, as you continue to live in and retain the tile. Best of all, there are no monthly payments. You pay as little or as much as you want, when you want. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, and maintenance. And because it’s a non-recourse loan, you won’t owe more than your property is worth at the time the loan is repaid.
    2.  
 
With a reverse mortgage, you don’t have to change your retirement dreams. It can afford you the financial peace of mind to make much-needed home renovations, take the vacation you’ve been putting off or stay at home for good — without the financial pressure to return to the workforce. The loan specialists can help you determine if you’re the right candidate. Call us today to learn more.
 
Be prepared for the coming years
 
How long do inflationary periods last? As conditions are constantly changing, take measures to help you thrive on a fixed retirement income, no matter the present challenge.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
Can You Sell Your House with a Reverse Mortgage?
If you’re concerned about having the funds to support a comfortable retirement, a reverse mortgage loan can provide an additional  source of funds for financial peace of mind. And with home values soaring, they’re increasing in popularity — the number of reverse mortgages issued in 2021 rose 29% from the prior year.
A reverse mortgage works by leveraging the equity you’ve built up in your home over the years, without selling your home or †taking on a new mortgage payment. But what if you do decide to sell your home after obtaining a reverse mortgage? The good news is you can.
Related article: Stage Your Home for Sale & Sell It for More Money
Truth be sold
You can sell your home with a reverse mortgage at any time. When you do, your reverse mortgage becomes due and payable.
During the life of the loan, interest and the annual mortgage insurance premium (MIP) accrue on the outstanding loan balance. This is due when the when the loan is repaid.
If your home’s value has appreciated, you can typically sell it for more than what you owe and keep the difference. But what if its value has declined? A reverse mortgage is what’s known as a non-recourse loan, so you won’t owe more than your home is worth at the time of repayment. If the sales price matches the appraised value, the proceeds go to the lender, and mortgage insurance covers the difference.
An heir’s rights
When a reverse mortgage loan holder passes away, the loan must be repaid. Interest on the balance, as well as monthly insurance premiums, will continue to accrue until the loan is settled.
If your heirs are actively working to sell the property, they’re entitled to request two ninety-day extensions beyond the initial six-month grace period to satisfy the loan. Keep in mind that extensions are not guaranteed, and they require specific documentation.
Considering a sale?
Here are some questions to ask yourself before selling a home with a reverse mortgage:
Do you have another place to live? While a reverse mortgage can offer you a valuable  source of funds while aging in place, your circumstances may change, and you’ll have to put your long-term needs first in deciding where to live.
Did your home’s value depreciate? In this case, you may walk away from the sale with less money in your pocket. If you’re not on a strict timeline, you may consider waiting until the market is more in your favor.
How long have you had the mortgage? Just like any other mortgage product, there were fees when you obtained the loan. In addition to an origination fee and closing costs, there’s also an upfront MIP payment, as well as a fee for reverse mortgage counseling by an independent, third-party counselor. While there’s no penalty for selling, think about how much you’ve already spent and if it’s financially sensible to sell at this time.
Making the “right” move
With the facts in hand, you can decide if listing your home with a reverse mortgage is a smart move for you and your family. Contact the loan specialists to learn more about your options. Call us today.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
Not Everyone is the Best Candidate for a Reverse Mortgage Loan
 
 
Is taking out a reverse mortgage loan a bad idea? That depends on who you ask.
 
According to Wade Pfau, PhD, CFA, RICP, a professor at the American College for Financial Services and founder of RetirementResearcher.com, “Reverse mortgages are not inherently a bad idea, though they are often misunderstood and not used in a most beneficial way.”
 
A reverse mortgage frees up cash by giving you access to your home equity as a lump sum, monthly payments or a line of credit that’s there if and when you need it to comfortably age in place. Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. Your local loan specialist, Reverse Mortgage Funding LLC (RMF), can tell you more when you call (888) 277-1567.
 
Consider this: Any mortgage is a bad idea if you can’t keep up with your loan obligations. It’s also not a smart decision if you’re planning to spend the funds on an extravagant lifestyle or a risky investment. Here are several more reasons why a reverse mortgage may not be right for you:
 
You don’t own your home. You must be a homeowner (or homebuyer) to qualify. If you don’t own your home, a reverse mortgage won’t be able to aid your financial plan for retirement.
 
You don’t meet the age requirement. This is the rare occasion you may find yourself wishing you were a few years older! Age is among the biggest potential considerations for a reverse mortgage. To qualify for a traditional reverse mortgage, all borrowers on the home’s title must be at least 62 years of age. But a newer loan option available in certain states, an Equity Elite Reverse Mortgage, is available to borrowers as young as age 55*.
 
*Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details.
 
You don’t plan on having cash flow issues…ever. Your current financial situation may be stable now, but this stability is not guaranteed for the years ahead. A reverse mortgage can be used to turn part of the equity in your home into funds you can use to pay bills, cover medical costs and so much more. If you don’t foresee having any cash flow issues now or in the future, a reverse mortgage may not be necessary.
 
You don’t need a standby line of credit. We all know that life happens: unplanned medical bills, unexpected car repairs, unforeseen home repair expenses. Do you have enough savings to handle unexpected expenses? Establishing a line of credit that you can tap into as needed is not a bad idea to help alleviate financial worry and gain peace of mind. By having the funds from a reverse mortgage line of credit available, you may avoid having to sell stocks or other assets — so you can hold onto productive investments and continue to collect interest or dividends. As with any mortgage, you must meet your loan obligations, keep current with property taxes, insurance, and maintenance.
 
You don’t need financial flexibility. If you prefer to make monthly payments, a reverse mortgage might not be right for you. Unlike a traditional home loan or line of credit, a reverse mortgage does have a flexible repayment feature: You can pay as much or as little as you like toward the principal and interest each month, or defer repayment — it’s strictly up to you, as long as you remain in good standing with your loan (keeping current with property taxes, insurance, and maintenance).
 
Is it a good idea for you?
 
Whether or not you need the funds now, you can gain peace of mind knowing the money is there. Evaluate your options and learn more about how a reverse mortgage loan can help you retire more freely.
 
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders.
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