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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 ...

AARP Weighs in on the 'New' Reverse Mortgage Math

Lori Trawinski, director of banking and finance at AARP’s Public Policy Institute, declines to call the changes positive or negative, but does admit that higher costs might make the loan less attractive — and new principal limits might mean fewer seniors will qualify.

“If you have an existing forward mortgage, that mortgage needs to be paid off before you can get a reverse,” she says. “So if someone is counting on a certain amount of reverse mortgage proceeds to be able to pay off a forward loan, it could be that with the new principal limit factors, they may not get enough proceeds out of the loan to do that.”

Higher upfront costs might also be a disincentive to consumers, Trawinski says.

“For about three quarters of borrowers, the upfront premium went from 0.5% to 2%, so that’s a significant increase. It may dissuade some borrowers from going forward with the loan,” she says.

Amy Ford, NCOA’s senior director of home equity initiatives and social accountability, agrees that these factors might influence consumer decisions and says the changes highlight the need for effective counseling.

Who's Got $6.3 TRILLION In Home Equity? Boomers, That's Who 12/13/2018

Home remodeling from contractors:   The NAHB predicts the remodeling market for aging-in- place modifications to be $20-$25 billion — approximately 10% of the $214 billion home improvement industry.

Reverse mortgages from lending firms:  Boomers can leverage the equity in their homes to pay for remodeling.  The number of reverse mortgages is expected to grow to 966,000 by 2020, nearly doubling from 563,700 in 2012.  

Home healthcare:  Currently, there are 34.2 million caregivers who provide unpaid care to adults 50 years and over.  As these caregivers age and have children of their own, they will need help. 

Home technology/entertainment:   With Americans spending so much time at home, entertainment will be a key growth industry.  It will be interesting to see how the Internet of Things plays out among aging boomers at home.   

Community culture:  Boomers will be willing to invest in cultural events in the local community.  

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. подпишись на аудит сайтов онлайн.