via consumerfinance.gov by Stacy Canan, Consumer Financial Protection Bureau July 26, 2017 We often hear that older Americans want to “age in place.” Aging in place means living at home in the community, rather than in an institutional setting, like a nursing facility. This is the choice most people want to make even if they need services and support to do so. With over ten … Continue reading Don’t Let Marketers Tell You How to Age in Place
via CNBC by Deborah Nason, CNBC June 22, 2017 Should you pay off your mortgage before you retire? There’s no clear-cut answer, as the strategy depends on the client’s tax situation, asset and income levels, and attitudes toward debt and investment. Financial advisors discuss the pros and cons. Read the full article. Continue reading Pros and Cons of Paying off Mortgage Before Retirement
by Katie Burns, J.D., Attorney, Housing Counselor, and HUD Certified Reverse Mortgage Counselor The Step Forward Michigan program has helped thousands of homeowners avoid mortgage, reverse mortgage, and property tax foreclosure. It was created in 2010, after Michigan received $498 million of the Hardest Hit Loan Fund established by the US Department of Treasury. Michigan homeowners with a qualifying hardship receive a mortgage lien and forgivable … Continue reading Step Forward Receives Additional Funding
Via the National Consumer Law Center, The U.S. Department of Housing and Urban Development (HUD)’s newly revised policy provides spouses of reverse mortgage borrowers with the most workable option to date to prevent surviving spouses’ evictions and homes from foreclosures. HUD’s Mortgagee Letter 2015-15 affirms that reverse mortgage lenders now have the option to assign a loan to HUD if there is a surviving spouse living … Continue reading Reverse Mortgage Update: HUD Throws a Lifeline to Surviving Non-Borrowing Spouses
by Katie Burns, J.D., Attorney, Housing Counselor, and HUD Certified Reverse Mortgage Counselor To protect client confidentiality, all names have been changed in this post. Lifelong Detroit residents Ruby and Daniel, both turning 78 this summer, have been married for over 40 years. They purchased their home in 1977, after some medical issues forced Daniel to stop working for General Motors. He had a brain … Continue reading A Step Forward Michigan Success Story: Ruby and Daniel
