Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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What’s Your Retirement Game Plan? Create a Strong Offense with a Reverse Mortgage
Retirement News, Retirement Planning

What’s Your Retirement Game Plan? Create a Strong Offense with a Reverse Mortgage

Still think a reverse mortgage is a loan of last resort for struggling senior homeowners? Think again.

Over the years, the reverse mortgage has undergone a significant makeover. Since its introduction in 1961, this financial tool has developed into an important retirement planning option that has benefited more than a million households. Today, it’s often used as part of a smart, proactive retirement strategy that leverages your most sizeable asset: your home.

The reverse mortgage has redefined the financial possibilities for older homeowners. To win the retirement game, retirees need to do more than protect their savings. They need to play smarter. So why not utilize a reverse mortgage as part of an offensive strategy to fund a comfortable retirement?

A good offense is the best defense

A reverse mortgage allows you to leverage your home equity as a lump sum, monthly payments or a line of credit that’s available on standby*. Best of all, you continue to own your home, retaining the title, as you comfortably age in place. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.

According to Wade Pfau, PhD, CFA, RICP, a professor at the American College for Financial Services and founder of, a reverse mortgage may be worth considering for homeowners who are concerned about outliving their savings, but want to remain in their home for as long as possible. Dr. Pfau explains, “It’s a way to free up money to pay for long-term care and other living expenses.”

Reverse mortgages offer borrowers certain protections:

  • Applicants are required to meet with an FHA-approved counselor. This third party can objectively ensure that you understand the loan process, what it entails and the individual terms of the loan.
  • Borrowers will not owe more than the home is worth when the loan is repaid. This non-recourse feature is a huge benefit to you (or your heirs) when the loan becomes due and payable.

Federally-insured reverse mortgages are commonly known has Home Equity Conversion Mortgages (HECMs). A HECM offers increased protection in that there are limitations on the funds borrowers can take during the first 12 months. This is to help your home equity last longer.

Don’t wait for the game clock to run out

Whether or not you feel like it’s a good time to take advantage of your home equity, you can gain valuable peace of mind knowing it’s available when you need it. Is it better to get one now to use later in the game? Here are some questions to ask yourself:

Is it a seller’s market? Take a look at the housing inventory in your neighborhood. If available homes are scarce, your home may appraise for a higher amount, thus a larger loan.

What are interest rates? While interest rates are currently on the higher end, interest rates change frequently based on the economy. Once you see it inching lower, it may be a good time to lock it in.

Teamwork makes the dream work

Adds Dr. Pfau, “It’s important to shop around and find a high-quality lender that offers favorable rates.” The loan specialists at Reverse Mortgage Funding LLC (RMF) are ready to assist you!

Give us a call today at (888) 277-1567, and we’ll set up an in-person meeting at your convenience to get your questions answered. We look forward to working with you.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.5-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

*Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s Equity Elite loan provides a fixed-rate term payment option.


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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

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By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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