5 Ways You Didn’t Know You Could Save for a Down Payment

November 9th, 2015 Categories: Random Thoughts

Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost. Read the rest of this entry »

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Is a Reverse Mortgage Right for You?

June 24th, 2015 Categories: Random Thoughts

Do you wish you could tap your home equity without having to make loan payments every month? If you’re 62 and own a house that’s paid for, or at least nearly paid for, then your genie in a bottle just might be a reverse mortgage. Read the rest of this entry »

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7 Alternatives to a Reverse Mortgage

June 15th, 2015 Categories: Random Thoughts

If you’re 62 or older, a reverse mortgage lets you keep your house and receive a lump sum or monthly payments that you don’t have to pay back until you move out or pass away.

Although that can be a blessing if you’re house-rich but cash-poor, the reverse mortgage’s biggest pro (you get cash) comes with cons. Closing costs are steep. And if you spend your home equity early in retirement, you might come up short later in life if you have high medical bills, have to pay for long-term care, or your living expenses outpace your investment income. Read the rest of this entry »

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