Bruce Simmons - November 15, 2017
If you’re thinking about your retirement, you’re going over an increasingly uncertain financial area where many of things your parents took for granted—such
as working at the same company for decades with a pension at the end—are no longer givens. With the constant changes to the workplace, insurance
and even how we handle payments for medical treatment, a nice nest egg to enjoy your retirement years is anything but certain these days. ..
Bruce Simmons - September 14, 2017
Home Equity Reverse Mortgage Basics
Before I get into the meat of this article about the coming changes, I want to make sure that you understand the basics of exactly how reverse mortgages
Bruce Simmons - August 30, 2017
On Tuesday, August 29th, 2017 the Department of Housing and Urban Development (HUD), surprised the reverse mortgage industry by formally announcing new
changes to the Home Equity Conversion Mortgage (HECM) program. HECM is the name for the FHA reverse mortgage program which encompasses about 95% of the reverse market. HUD cited concerns about the strength of the reverse mortgage program and taxpayer losses.
These changes will take place October 2, 2017. ..
Bruce Simmons - July 20, 2017
Bruce Simmons - May 09, 2017
Some homeowners have preconceived notions about reverse mortgage loans. For example, they fear
that once they get their reverse mortgage the bank owns the home, or the bank takes their home when they pass away. Of course neither of these is true.
Here’s what you need to know about what happens to your house during and at the end of a reverse mortgage. ..
Bruce Simmons - April 05, 2017
Reverse mortgages are the most misunderstood loan program in the market today. The FHA insured reverse mortgage, called the Home Equity Conversion
Mortgage (HECM), is by far the most popular reverse mortgage. ..
Bruce Simmons - April 04, 2017
Last month the Federal Reserve raised the federal funds rate for the third time in just over a year. There is talk among some economists that they will
raise it another two to three more times in 2017. ..
Bruce Simmons - March 10, 2017
Based on a 2013 survey of the Board of Governors of the Federal Reserve System, around 31% of Americans said they had zero retirement savings and lacked a defined-benefit (DB) pension plan. Such a scenario is extremely stressful for people looking to
retire by the time they hit their 60s. ..
Bruce Simmons - March 07, 2017
Paying bills and owning a home is an inevitable part of being independent. However, when you reach a certain age, you can allow the equity in your home
to work on your behalf. Most people have heard about a reverse mortgage, but there
are often many questions and some apprehension regarding this untypical form of a mortgage. Given the right circumstances, this type of mortgage can
be very beneficial for you and your family. Let’s start with the basics to help you further understand how an arrangement like this works and how much
money you can expect to receive. ..
Bruce Simmons - February 14, 2017
I’ve been specializing exclusively in reverse mortgages for over 14 years and it is easy for me to forget that a whole lot of people still don’t understand
how they work. Most of the people that I talk to on a daily basis have heard and still believe at least one of the common myths about reverse mortgages. ..