Blog
Jul
22,
2021
22,
2021
With retirement around the corner, you may have big plans for filling your more flexible schedule. One of our recent posts explained many of the ways a reverse mortgage can expand your travel options. Now we’ll talk specifically about using a Home Equity Conversion Mortgage (HECM) to take your retirement on the road. Your House […]
Jul
1,
2021
1,
2021
A Home Equity Conversion Mortgage (HECM) is typically promoted as a way to remain in a long-owned home despite the income limitations that might come with retirement. However, these loans, known as reverse mortgages, can also play a role for retirees looking to change their living situation, especially in light of the dramatic increases in […]
Jun
29,
2021
29,
2021
A Home Equity Conversion Mortgage (HECM) is a well-established tool for retirement-age homeowners looking to add more financial flexibility into their future. These loans, often referred to as a reverse mortgage, offer a way to capitalize on a home’s equity without having to part with the property. The eligibility requirements for a HECM include a […]
May
4,
2021
4,
2021
A Home Equity Conversion Mortgage (HECM), or reverse mortgage as it is commonly known, relies on the accrual of substantial equity. Often, a HECM is a tool used by homeowners who have successfully paid their mortgage in full but prefer not to sell the home to access its cash value. In these cases, pursuing a […]
Feb
25,
2021
25,
2021
In 2018, AARP found that 76 percent of Americans over 50 preferred to remain in their current homes as long as possible. However, substantially fewer of them believed it was a realistic option. Fortunately, proper planning and an open mind can maximize your retirement options and make the goal of maintaining independence more attainable. One […]
Dec
29,
2020
29,
2020
It’s never too late for a fresh start. In fact, it’s possible to support your retirement and move into a new home at the same time. In this video, Open Mortgage CEO and founder Scott Gordon discusses the financial flexibility of a HECM for Purchase mortgage. Some topics he covers: Downsizing or relocating to cut […]
Oct
20,
2020
20,
2020
While leisure travel is on hold for most of us, that’s not likely to be the case forever. As restrictions ease and confidence in our ability to do so safely returns, there will likely be a growing demand to make up for lost time. In particular, retirees may see the end of this pandemic as […]
Sep
8,
2020
8,
2020
While the act of retiring won’t directly impact your credit score, the accompanying changes to your financial habits can. Cutting back on your credit accounts and reducing your income could substantially lower your borrowing power. Even if taking on new debt is not a part of your retirement plan, unplanned expenses are not uncommon during […]
Jul
30,
2020
30,
2020
Reverse mortgages have recently started to become a proactive part of a comprehensive retirement plan. They can be particularly effective for homeowners whose wealth is primarily in home equity. Watch this video if you are a new retiree who doesn’t need money now but wants the security that comes with knowing it’s available during economic […]
Jul
9,
2020
9,
2020
Preparations for retirement often focus primarily on savings accounts, investment portfolios and pension plans. However, one of the overlooked pieces in the planning puzzle is the retiree’s home. In addition to being a significant element of many homeowners’ wealth, and a potential source of funds via a reverse mortgage, the ability to fulfill its primary […]
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