retirement planning - Articles

Reverse Mortgages: Weighing the Risks

ShutterstockThe reverse mortgage is a seductively simple value proposition. By Mitchell D. Weiss You've seen them on TV and heard them on the radio. They may be yesterday's screen stars, but they're today's pitchmen for one of the hottest financial products that baby boomers of a certain age and financial circumstance... Continue Reading »

Reverse Mortgages: New Rules Make Them Safer for Homeowners

Shutterstock The promises of a reverse mortgage -- never having to pay a mortgage bill again and using your home's equity to finance retirement -- can sound too good to be true. It almost was too good to be true during the Great Recession, when more borrowers were withdrawing most of their home equity at closing and the... Continue Reading »

Best Places to Retire Abroad in 2014

Shutterstock By Kathleen Peddicord If you could retire anywhere in the world, where would you go? As we find ourselves at the beginning of a brand new year, that's a question worth asking. The very good news is that we are living in a time when it's not only possible, but easier than ever to launch the retirement... Continue Reading »

Places to Retire: 6 Money-Saving Strategies

Shutterstock By Joe Udo Housing is typically the biggest expense in a household budget. It would be nice to reduce that major expense when you're retired. Once you are near retirement, you might want to consider downsizing or relocating to somewhere more affordable. There are many choices because you won't be tied down... Continue Reading »

Should Homeownship Be Part of Your Retirement Plan?

Shutterstock By Ann G. Schnorrenberg Homeownership used to be considered the American Dream. Most baby boomers grew up with a goal of owning their own home. Now, many members of the younger generation question whether it is a good idea to buy real estate. No wonder -– having watched the housing market collapse... Continue Reading »

Retirement Reboot: Upsides of Downsizing to a Rental Home

Shutterstock By Emily Brandon In retirement, you don't necessarily need a house with several bedrooms and a big yard. In fact, stairs to climb and a yard that needs mowing can become a significant liability as you age. Renters get to outsource emergency repairs and some home maintenance chores, which can make life... Continue Reading »

Retirement Communities Today: Not Your Grandfather's Old Folks' Home

This is the second of a two-part series about retirement community living. Read the first part, "Keys to Finding the Right Retirement Community." By Philip Moeller ‎ CHESTERTOWN, Md. -- What's it really like to live in a retirement community? On a recent warm and humid day, 10 residents sat down for Sunday brunch and... Continue Reading »

7 Tips for Snowbirds Before Flying the Coop

By Kimberly Lankford Q. We're retired, and this is the first year that we plan to spend the winter in Florida, leaving our home in New Jersey unoccupied. Are there any special steps we should take before we leave? Here are several special banking and insurance moves that can help snowbirds protect their finances and... Continue Reading »

Boomer Markets: Retiree Havens See Steep Price Cuts

Even if you're a decade or more away from quitting time, you may be thinking about buying a retirement home right now. The prices for condos in popular retirement areas like Napa, Calif., and Naples, Fla., have come down 44 percent or more since the boom, substantially more than the average 32 percent that home prices... Continue Reading »

Forget Senior Homes: 'Aging in Place' Gains Ground

VERONA, N.J. -- Retirement communities may have their perks, but Beryl O'Connor says it would be tough to match the birthday surprise she got in her own backyard when she turned 80 this year. She was tending her garden when two little girls from next door - "my buddies," she calls them - brought her a strawberry... Continue Reading »

Open Houses of the Week: Golden Opportunities for Retirees

There's something about that "Open House" sign that acts like a magnet. Whether you're looking for a new place to live, keeping tabs on real estate in your neighborhood, or just angling for a sneak peek at someone else's private domain, the lure of an open door is strong indeed. This week we explore homes in some of the... Continue Reading »

The 10 Most Rapidly Graying Cities

Just as the United States struggles to figure out the future of Social Security, there's a hard truth to face: Americans are only getting older. With the first of the generation recently turning 65, baby boomers across the country are changing the demographic makeup of cities and metropolitan areas across the country in a... Continue Reading »

Reverse Mortgage: What the AARP Suit Means for You

Seniors who took reverse mortgages are being pushed into foreclosure by HUD, according to a lawsuit filed by the AARP. Are all seniors who took a reverse mortgage at risk? No, only those who decided to put only one spouse on the reverse mortgage. Why would a couple decide to leave a spouse off the reverse mortgage? Peter... Continue Reading »

Retirement Planning: Should You Refinance?

Retirement planners usually advise against carrying mortgage debt into the golden years. But homeowners over 50 are living in a different real estate world now. SmartMoney reports that around 50 percent of today's retirees are carrying mortgages, as compared to 25 percent two years ago. The following article explains when... Continue Reading »

Rent Your Way to Retirement With a 'Rental Mortgage'

Renting is too often considered a stepping stone for people busy saving up for that prototypical American dream: homeownership. But what if we looked at renting as a sound investment choice, rather than a runner-up prize? There's a new school of thought doing just that. With the disillusionment brought by the recent... Continue Reading »

Reverse Mortgage Fees Dropped at Big Banks

Now that major banks including Bank of America, Wells Fargo, and MetLife Bank have eliminated fees for reverse mortgages, borrowers are taking another look at this option for financing retirement. While a reverse mortgage sounds like a good deal -- you get to stay in your home and tap your equity, rather than... Continue Reading »

Reverse Mortgages: Seniors Now Expected to Pay Taxes and Insurance

Do you or your parents have a reverse mortgage for which they don't pay the property taxes or insurance? While in the past, the FHA and Fannie Mae would patiently wait until the property owner died or moved to pay off any liens, that practice is about to end. Many seniors don't realize that they can lose their home to... Continue Reading »

Trading Down No Longer Safe Retirement Strategy

Once upon a time a majority of people followed this seemingly fiscally sound path: Buy a home, spend your working years paying it off, and then sell it so you can trade down once the kids left. Magically, all that built-up equity could fund your retirement. What a fairy tale! Today the baby boomers are discovering that... Continue Reading »

Home Equity Loan a Good Option for Cash-Strapped Retirees SPONSORSHIP

Home values sank, the stock market plummeted, 401K plans were depleted, and today many of the nearly 40 million Americans in retirement are discovering they may have not been financially prepared for a doomsday scenario. One remedy many Baby Boomers, with their record-high level of home ownership, may not have considered... Continue Reading »

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