Are you dreaming of a new retirement home? Considering moving to a warmer climate or relocating closer to your children and/or grandchildren? Many Americans at or nearing retirement age may unknowingly have access to the funds needed to make this dream a reality. The FHA-insured reverse mortgage, or Home Equity Conversion Mortgage, could be the answer.
For most families, letting "the elephant" sit in the room seems to be the accepted approach to financial matters. Sometimes when financial planning is overlooked or postponed too long, financial reserves grow thin and one large or a few moderate unexpected expenses can upset an otherwise comfortable lifestyle. In some cases, such expenses lead seniors into debt, resulting in much needed financial support from their adult children.