Understanding HECM Tax Deductions

In his latest Nerds Eye View column, titled The Taxation Of Reverse Mortgage Loan Proceeds And Interest Payments, blogger, tax specialist and financial planner Michael Kitces explains the various tax deductions that may apply to reverse mortgages. While most reverse mortgage professionals are aware that interest paid over the life of the loan can be … more Understanding HECM Tax Deductions

April is Financial Literacy Month

Since 2003, the U.S. has recognized April as Financial Literacy Month, which aims to raise public awareness about the importance of financial education and the serious consequences associated with a lack of understanding about personal finances. Throughout the month, schools, non-profits and financial professionals will shine a spotlight on the value of financial and economic … more April is Financial Literacy Month

Helping Your Clients Who Are In Default

This list represents the agencies currently known to provide HECM default counseling and may not be all inclusive. Greenpath (888) 860-4167 Money Management International (866) 765-3328 National Foundation for Credit Counseling (866) 363-2227 NeighborWorks America (888) 990-4326 Housing Option Provided for the Elderly (773) 262-7801 The next time one of your past clients calls you … more Helping Your Clients Who Are In Default

NRMLA Explains Home Equity in Advance of Financial Literacy Month

In advance of Financial Literacy Month, NRMLA today released, “An Introduction to Housing Wealth: What is home equity and how can it be used?,” a three-part article that explains home equity and its uses, methods for tapping it, and the special home equity options available for homeowners aged 62 and older. “Financial Literacy Month is … more NRMLA Explains Home Equity in Advance of Financial Literacy Month

Webcast Video: Using a Reverse Mortgage to Buy a Home

Last week’s webcast on HECM for Purchase coordinated by NRMLA, and hosted by the National Association of REALTORS®, can be downloaded and shared with your Realtor friends. NRMLA collaborated with NAR to develop a webcast for Realtors that featured Scott Trembley, CEO of The Trembley Group, a real estate firm based in Myrtle Beach, S.C., … more Webcast Video: Using a Reverse Mortgage to Buy a Home

Stopping Senior Scams

The Senate Special Committee on Aging invited representatives from the Internal Revenue Service, Federal Trade Commission and a Pennsylvania-based community organization to a public hearing this week to discuss efforts by law enforcement agencies to combat financial fraud and protect older Americans from being scammed. In videotaped testimony before the committee, an 81-year-old man from … more Stopping Senior Scams

New Collaboration Focuses on CA Borrowers

The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are collaborating on a one-year pilot program that assists homeowners in California who have reverse mortgage issues, concerns and questions. Five public events are being organized, beginning in March, and lasting throughout the year. “The goal is to create face-to-face interactive events where participants can gain … more New Collaboration Focuses on CA Borrowers

Feds to Start Collecting Data for New Elder Abuse Reporting System

The Department of Health and Human Services plans to soon launch a data collection program that will assist experts combating elderly exploitation, according to an article published in The Washington Post titled Elder abuse – Often the kin did it: Feds to collect data. “Unfortunately, the extent of elder abuse by guardians is relatively unknown … more Feds to Start Collecting Data for New Elder Abuse Reporting System

Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations

Reverse mortgages are a versatile financial tool that nearly a million homeowners have used to age-in place, and for other reasons. However, like any financial product, reverse mortgages should be considered carefully before deciding whether to obtain one. The National Reverse Mortgage Lenders Association’s free Reverse Mortgage Self-Evaluation poses seven questions and important considerations interested consumers should … more Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations