Optional Mortgage Payments? Not Too Good to Be True.
Ah, mortgage payments. Nobody likes to have them, but in reality, many of us do. As a matter of fact, housing debt is the largest category of American debt—ahead of auto, student loan debt, and credit card loans. And while we all plan to pay off our mortgages before retirement years, this isn’t always the […]
5 Things to Look for in a Reverse Mortgage Lender
Like all financial decisions, determining whether a reverse mortgage is right for you is an important decision. But it’s not the only one you’ll be faced with – you’ll also have to select the right lender. If you’re looking for a reputable reverse mortgage lender, consider the following steps to get started.
A Complete Guide to Managing Aging Parents Finances
Your parents—they raised you, loved you, gave sound advice, and above all else, provided financial security. But now, as your parents get older, it may be time for you to return the favor—especially when it comes to managing finances. As your parents advance in age, it’s likely they’ll need some help with managing their finances. […]
Five Things to Look for When Selecting a Reverse Mortgage Lender
If you’re a homeowner age 62 or older, a Home Equity Conversion Mortgage (HECM) —also known as a reverse mortgage—could allow you to tap into a portion of the equity in your home to supplement retirement income. With no monthly mortgage payments required*, reverse mortgage funds could be used however you wish—whether it’s to pay […]
Does a Reverse Mortgage Affect Social Security?
What’s your biggest retirement worry? If you’re thinking “running out of money,” you’re not alone. According to a recent study, nearly half of Americans (49%) cited depleting funds as their top retirement concern1. Fortunately, for homeowners age 62 and older, there is a powerful tool that could potentially help alleviate this stress—home equity. A Home […]
Your Reverse Mortgage Tax Questions – Answered
Are reverse mortgage proceeds considered income? Are they taxable? These are just 2 of the most common questions when it comes to reverse mortgages and taxes. Get the answers to these and learn the tax implications of a reverse mortgage in our latest video.
Are Reverse Mortgages Taxable?
From the aftermath of World War II, the Cuban Missile Crisis, and the Vietnam War, to more recent events like the Great Recession and ongoing War on Terror, America’s Baby Boomer generation has lived through some trying times. And if you fall into this group, you’ve seen firsthand how these events have affected the economy. […]
Reverse Mortgage Occupancy Requirements
As a homeowner, you can likely relate to the common sentiment that when it comes to your home to-do list, “there is always something.” From standard up-keeping like changing light bulbs and air conditioning filters to replacing aging appliances, or even more arduous projects like repairing a leaky roof, it’s no secret that homeownership can […]
Longbridge Bolsters Training Division, Expands Online Wholesale Features
Reverse Mortgage Daily Longbridge Financial has expanded its Training Department, with the addition of an operations trainer and sales training manager – who will be working in part with the company’s wholesale lending division. New faces in Longbridge’s growing Training Department include industry veterans Jim McMinn and Tiffany Myint. With both of their careers spanning decades, Jim and Tiffany bring […]
Refinance Your Forward Mortgage? Or Pay It Off With a Reverse Mortgage?
If you’re a homeowner, the thought of refinancing your mortgage has likely crossed your mind over the past few months—for good reason. With interest rates reaching record lows (the lowest in nearly 50 years!), millions of Americans have expressed interest in refinancing their mortgage to save money1, especially given today’s volatile market environment. As a […]
How Much Money Can My Parents Get With a Reverse Mortgage?
As your parents reach and settle into retirement years, it’s only natural to want to step in and care for them. But with caring for your parents also comes tending to their finances. While you’d like to think that they have enough cash to comfortably fund their golden years, this isn’t always the case. In […]
Reverse Mortgages vs Forward Mortgages
Used mainly in comparison with reverse mortgages, the term “forward mortgage” simply refers to a traditional mortgage loan. And while the names may imply that these two loans are opposites of each other, they do share some similarities. However, when it comes to reverse mortgages, there are a few distinct features for senior homeowners looking […]
Property Requirements for a Reverse Mortgage
Let’s talk about your home. It’s the place where you’ve made countless memories, celebrated holidays, created longstanding traditions, and maybe even raised a family. But as you settle into retirement years, your home can become even more—a welcomed source of cash flow. A Home Equity Conversion Mortgage (HECM) —also known as a reverse mortgage—allows you […]
The Similarities and Differences Between a Regular and Reverse Mortgage
While you may have never heard the term “forward mortgage,” odds are you are actually quite familiar with it. Used mainly in comparison with reverse mortgages, the term refers to traditional mortgage loans that millions of Americans leverage each year to finance their home purchases. And thanks to the popularity and widespread use of these […]
Fun Ways to Make Money in Retirement
Regardless of your financial situation, it’s always nice to make some extra cash – especially in retirement. No matter your skill set or your previous career experience, there are options that bridge your skills with your passions. The best part—many of these options don’t involve a commute or ringing early morning alarm clock. Check out […]
Cashing In: 8 Ways to Make Some Extra Cash in Retirement
If 2020 has taught us anything so far, it’s this: times are certainly not what they used to be. And retirement is no different. Once built on the three-legged stool of Social Security, company pensions, and personal savings, retirement was a simpler time. But as pensions continue to dissipate and our personal savings begin to […]
Longbridge Leads Major Lenders in Key Reverse Mortgage Metric
Reverse Mortgage Daily According to data compiled by SitusAMC and shared with RMD, Home Equity Conversion Mortgage (HECM) conditional prepayment (CPR) speeds surged in June, as borrowers rushed to take greater advantage of the low interest rate environment. These low rates resulted from the unfreezing of the 10-year LIBOR SWAP rate. Generally speaking, the […]
Changemakers: Chris Mayer, CEO of Longbridge Financial
Reverse Mortgage Daily Longbridge Financial CEO Chris Mayer is a unique presence in the reverse mortgage industry by virtue of his wealth of accomplishments. Not only has he earned a PhD in economics from MIT, but he serves as Paul Milstein Professor of Real Estate at Columbia Business School, bringing an unparalleled academic pedigree […]