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aarp reverse mortgages

AARP sues HUD over Reverse Mortgages: What is a reverse mortgage ttp In this video, real estate attorney hugh Fitzpatrick from Tewksbury Massachusetts discusses the lawsuit ...

HomEquity Bank Invests in Digital and Mobile Optimization

Marketers know that they're supposed to tailor experiences based on customers' needs and preferences. But knowing this best practice and actually acting on it are two different things.

HomEquity Bank  saw the value in creating a targeted experience firsthand when it redesigned and optimized its digital and mobile channels to better suit baby boomers' needs.

Redesigning for a better digital experience

As a federally regulated bank, HomEquity Bank provides reverse mortgage solutions for those 55 years old and older. Although this generation wasn't raised in the digital age, Vivianne Gauci, VP of digital strategy for HomEquity Bank, says these consumers love to learn about the internet and social media. Data supports this notion. According to recent data from Pew Research Center , 67% of Americans 65 years old and older use the internet and 42% own a smartphone.

Despite all of this, 80% of HomEquity's direct-to-consumer inquiries were still coming through the phone in 2013. As a result, the bank wanted to create a digital experience that drove conversions (i.e. lead form completions) and was tailored to its target audience.

Reverse mortgages: A few benefits, but use caution

Legal experts still advise caution, but reverse mortgages are showing a mild resurgence both regionally and nationally. As baby boomers age, the trend could grow.

Some seniors consider them when cash poor and house rich, or against medical costs, if they’ve built equity in a home. Still, issues can emerge for them and heirs, so it pays to read the fine print, said Julia Dooris McGann, state assistant attorney general in the consumer protection division.

A reverse mortgage is a type of home loan allowing homeowners who are 62 or older to access the home equity they’ve built up and defer payment of the loan until they die, sell or move out. If approved, homeowners borrowing against equity take the cash in a lump sum or as monthly income, as a line of credit to tap when needed, or a combination.

“The bottom line is, it’s not free money,” McGann said. She spoke recently in Spokane to the group Vulnerable Adult Links United.

“There are some circumstances under which reverse mortgages make sense, but they’re rare,” she said. “It really depends on the need and their circumstances. I’d urge caution whenever anyone is considering a reverse mortgage, and it’s well worth a second look before getting into them.”

Is Filing For Bankruptcy In Retirement A Good Thing?

The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.

Filing for bankruptcy would not include long term care since you have to pay monthly for assisted living or nursing care. You are correct that those are out of pocket costs unless you are on Medicaid.