Home- and community-based senior living options are a focal point of the Long-Term Care Commission’s final report to Congress. Not included in the report: a comprehensive solution for how a rapidly aging population will pay for assisted living, home care, and other types of care that are generally privately funded. Consumer choice and returning seniors to […]
Category: Reverse Mortgages
With the first of the 78 million Baby Boomers already reaching age 65 in 2011 and more on the way, the nation’s housing system will require new approaches to meet the “aging in place” demand of this swelling population. Staying in one’s home not only reflects a “financially sensible housing option” for many seniors, but […]
Several senior living communities across the nation have introduced a continuing care retirement community (CCRC)-without-walls model of care, meaning that seniors can remain in their homes and receive the same continuum of care services they’d get had they moved into a traditional community, using a similar contract structure. While most people entering a traditional CCRC […]
The reverse mortgage borrower of today is getting younger, and the age may be declining even further as a result of the financial stresses of the past four years, according to a study released this week by MetLife’s Mature Market Institute. This new group of borrowers is also using the reverse mortgage in a new […]
The total amount of home equity held by U.S. seniors is on the upswing, according to the latest data from the RiskSpan Reverse Mortgage Market Index (RMMI), a quarterly measure of home equity for people who are aged 65+. The home equity total rose $46 billion in the third quarter of 2011, data released on Wednesday by […]
Wells Fargo announced it will no longer offer reverse mortgages to customers last week. The decision to close down its retail channel stems from economic uncertainty and restrictions associated with reverse mortgages that make it difficult to determine seniors’ abilities to meet the obligations of homeownership. “Home values are pretty unpredictable right now, and when […]
Department of Housing and Urban Development Secretary Shaun Donovan testified before the Senate Banking Committee last week, urging the committee to reintroduce housing counseling funding that was cut as part of the budget deal passed in April. As a result of the funding cuts, the housing counseling expense will fall on seniors looking to take […]
AARP’s Foundation for Litigation recently filed a lawsuit on behalf of three surviving spouses of reverse mortgage borrowers against the Department of Housing and Urban Development (HUD) for alleged illegal reverse mortgage foreclosure actions. The suit follows recent complaints from HECM borrowers relating to issues associated with non-borrowing spouses. The three plaintiffs are represented by […]
It’s no secret that foreclosures hurt home values in the neighborhood but how much will the stabilization of home prices help retirement planning? According to a new paper by the Center for Retirement Research at Boston College, elderly households will be facing increased housing distress during the next two years due to declining home values, […]
Reverse mortgages took it on the chin in 2011. During the year, reverse mortgages volumes have suffered as a result of the continuation of declining home prices, regulatory changes and headline risk associated with high costs and stories where seniors have been taken advantage of as part of the process. Final numbers released from Reverse […]
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