Reverse Mortgages — “more than a niche product”?

Editor’s Note: In order to be “perfectly clear”, we at the “Gofinancial” website choose to be hesitant to accept one more expert review of the Reverse Mortgage. We think it continues to cloud the issues inherent in describing the future of a widow taking care of her mother and running out of money as she sits with a house over her head that needs repairs and a budget shrinking in the background. We’ve stood with these people to work out a HECM mortgage that fixes her problem. We didn’t take much time evaluating everybody else and care little for another “mismatched” agreement of experts that just mixes the pot and creates a guilty conscience for those who choose a Reverse Mortgage over some other approach.

We work hard to be experts while we please people in a financial bind, but we reach over to the somewhat forbidden area that suggests you own the equity in your home and can use it as you please without payments in your lifetime.

Learn the Truth About Home Solar in the U.S. — and battling the cost of today’s electricity

You’ve probably heard a few things about solar energy, but how do you separate fact from fiction? Well, we Sunrunners are here to set the record straight by busting five common home solar myths so you can learn how solar really works, and how it can help you prepare for the future.

Myth #1: Solar Panels Don’t Produce Energy in the Fall and Winter

This is one of the most common myths about solar energy. And while it’s true warm and sunny states like Arizona, California, and Florida are ideal places to go solar, the reality is, solar panels can actually work better in cooler climates.

Senior housing wealth rises again to $7.17 billion; Debt rises too

Vladimir Solomyani

Homeowners age 62 and older saw their collective housing wealth increase in Q2 2019 by 0.5% compared to the previous quarter. This constitutes an increase of approximately $32 billion to a record of $7.17 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan.

You may be wise to consider home equity loan, says MoneyWatch

According to a recent brief from the Boston College Center for Retirement Research (CRR), middle-class Americans age 65 to 69 have more or equal wealth in their home equity than in their financial assets. (For this purpose, middle class is defined as the middle 60 percent based on total wealth.) Yet few retirees are taking steps to utilize this significant asset to help them finance their retirement.

The CRR brief said downsizing is the main way retirees tap home equity. Yet it also cites a study that found only 30 percent of homeowners approaching retirement move and that more retirees move to a home that’s more expensive than the one they left. Those who do move to a less-expensive home generally do so in response to a negative financial shock, such as high medical expenses, the need for daily or medical assistance (precipitating a move to assisted living or a nursing home) or widowhood.

Live Well Without Running Out of Money in Retirement — How do you measure up?

By EILEEN AMBROSE, Senior Editor and SANDRA BLOCK, Senior Editor
August 29, 2019
From Kiplinger’s Personal Finance

As you near retirement, you might look back and think that saving for this next stage of life was the easy part. During your working years, the big decisions were how much to save and where to invest. But now it’s time to switch gears. Instead of accumulating assets, you must figure out how to turn your nest egg into an income stream to last a lifetime.