What is a Home Equity Conversion Mortgage (HECM)*?

A HECM reverse mortgage loan is a way to turn a portion of the equity in your home into cash. The proceeds from a reverse mortgage can be used to pay for unexpected expenses, such as nursing home costs or long-term care. It could also provide you with additional cash flow for all the expenses you have. As long as all loan terms are met, the loan does not require repayment until the last surviving

How to Preserve Assets When Faced With Long Term Care Costs

It is estimated that over 70% of people over 65 will need some type of Long Term Care(LTC) according to the US Department of Health & Human Services. Meet Charlie and Fran.  They have three children, 9 grandchildren and 5 great grandchildren…so far!  They have hopes and dreams for their future generations and have worked hard to ensure their legacy is passed on.  As they age, they realize that if either one of them needs

Is Paying your Property Tax Bill a Hardship?

Senior Citizens having trouble paying real estate taxes can apply for the Senior Citizen Tax Deferral Program. This program allows qualified Illinois residents to defer up to $5000 of the property taxes on their personal residence, giving seniors the financial freedom to remain in their own home. Deferred taxes are repaid with low interest when the property is sold or following the taxpayer’s death. Qualifications: Be 65 or older by June 1st, 2018 Annual household

Home Equity and the Retirement Crisis

The constant consternation played out by retirees over the Home Equity Conversion Mortgage (HECM) is bewildering. People choose to struggle in retirement by completely ignoring the fact that they have equity in their home. Unlocking the equity in the home can greatly benefit the homeowner and make it possible to “age in place” more comfortably. A recent AARP Survey concluded that 76% of older adults prefer to age in place. Ultimately there is an impending

Taking Away Mom’s Car Was Tough Enough, but Now the Computer?

In the past few years, scams of senior adults utilizing social media have skyrocketed according to law enforcement and social service agencies resulting in significant amounts of much needed financial assets being lost with little or no chance of recovery. “It is an epidemic targeting the most vulnerable, who also happen to control 70% of the nation’s wealth,” says Julie Krawczyk, Director of the Elder Financial Safety Center, a collaboration of The Senior Source, Dallas