Articles on "Reverse Mortgages"

May 8, 2012 1:34 am

Met Life Exits Reverse Mortgage Business

Reuters reports that MetLife Inc, the largest U.S. life insurer and reverse mortgage lender, made a surprise shift on Thursday with the sale its reverse mortgage business as part of its exit from banking-related activities. Nationstar Mortgage LLC will buy its reverse mortgage servicing portfolio, and MetLife Bank would not accept any new applications, the company said. Read article Will Product Mix Struggle with Loss of Large Reverse Mortgage Lenders? Reverse Mortgage Daily reports most reverse mortgage competitors agree that [...]

March 19, 2012 1:32 am

STUDY ON REVERSE MORTGAGES SHOWS INCREASED DEMAND

A comprehensive new study from the MetLife Mature Market Institute shows the age of those seeking Home Equity Conversion Mortgages (HECM), popularly known as reverse mortgages, has plummeted in the four years since the collapse of the housing market in the U.S. It also reports that these mortgages, special types of home loans that allow people to draw on home equity without monthly mortgage repayments, have evolved into a way for many older Baby Boomers to help manage urgent financial [...]

September 12, 2007 12:00 am

Independent Living: Making a Decision for Two

When Mr. Jones, a retired federal employee of 30 plus years, met with an attorney to discuss a reverse mortgage, he was the only one present. His wife was in a rehabilitation center recovering from a stroke. While she was mentally competent, physically the stroke had left her unable to do most of life’s daily necessities. Mr. Jones was struggling to figure out how he would pay for all of the things needed to make his wife’s return as comfortable [...]

Senior Living: Fulfilling Her Dream With a Reverse Mortgage
May 7, 2007 12:00 am

Senior Living: Fulfilling Her Dream With a Reverse Mortgage

After the sudden death of her husband, Dorothy Duvall thought that her dream of traveling across the country in a motor home had been brought to a halt for good. She and her husband had lived in several places along the East Coast and had taken their four children on numerous vacations across the country, so she imagined she would spend her retirement the same way. The couple talked about driving from their home in Fredrick, Md. to somewhere along [...]

August 15, 2006 12:00 am

Fulfilling a Dream with a Reverse Mortgage for one Retired Teacher

Typically, the vast majority of people associate a reverse mortgage with someone needing financial assistance to cover the increasing costs of medications, groceries and home maintenance. However, Mr. and Mrs. Taylor, a retired couple, used the proceeds from their reverse mortgage for the unique purpose of fulfilling a dream. Both retired public school teachers, the Taylors raised two kids of their own and put them both through college, all the while saving adequately for their retirement. Their annual income consists [...]

December 21, 2005 12:00 am

How To Obtain a Reverse Mortgage for Senior Homeowners

For an increasingly large number of senior homeowners, reverse mortgages are an attractive financing option that affords them the opportunity to remain in their own homes and receive much-needed funds. A reverse mortgage is an exact replica of a traditional mortgage-in reverse. Instead of repaying a lender, homeowners utilize the equity they have built up in their homes to receive payments from the lender. *Eligibility* There are several criteria that must be met before a consumer is eligible for a [...]

A Model Retirement: Money and Legal
December 30, 2003 12:00 am

A Model Retirement: Money and Legal

Alan and Katharine Jung are truly a model for ideal retirement living. Not only have their retirement living decisions been well thought-out and proactive, but they have also embraced the new opportunities that retirement offers and are fully enjoying what they refer to as a “new season in their life.” The couple can certainly offer helpful advice to others concerning retirement living decisions-right down to the downsizing checklist Katharine devised. They did just that during a recent presentation for their [...]

A Retirement That is More Than O.K.
September 3, 2003 12:00 am

A Retirement That is More Than O.K.

Two signs hang outside Mrs. Sadie Hofstein’s apartment in Martin’s Run, a continuing care retirement community in Media, PA. One cheerfully announces, “I’m O.K.,” while the other is a more distinguished plaque engraved with “Hofstein House.” Both say a lot about Mrs. Hofstein’s personality, her past, and her future. “I always knew I was going to be in some kind of helping profession.” This is how Mrs. Hofstein explains her work as the administrator of the first apartment house for [...]