home equity Archives | Jamie Hopkins Retirement https://hopkinsretirement.com/tag/home-equity/ Retirement Income Solutions Wed, 13 Dec 2017 18:13:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Common Reverse Mortgage Misconceptions https://hopkinsretirement.com/common-reverse-mortgage-misconceptions/ Wed, 13 Dec 2017 18:12:23 +0000 https://hopkinsretirement.com/?p=2890 Common Reverse Mortgage Misconceptions Professor Jamie Hopkins and Columbia University Professor Chris Mayer, CEO of Longbridge Financial, discuss some common misconceptions about…

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Common Reverse Mortgage Misconceptions

Professor Jamie Hopkins and Columbia University Professor Chris Mayer, CEO of Longbridge Financial, discuss some common misconceptions about reverse mortgages. Many people do not know that a reverse mortgage is a government insured program. Additionally, when a homeowner gets a reverse mortgage they maintain title of the home. This is actually a requirement of the program. In essence, a homeowner uses a reverse mortgage to borrow money from the bank by securing the loan with the home. Instead of making monthly payments like with a normal mortgage no monthly payments are required. With a reverse mortgage is repaid when the homeowner stops using the home as the principal residence.

Watch the video below to learn more about common reverse mortgage misconceptions.

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The New York Times Got It Wrong About Reverse Mortgages https://hopkinsretirement.com/new-york-times-got-wrong-reverse-mortgages/ Thu, 06 Jul 2017 21:44:36 +0000 https://hopkinsretirement.com/?p=2666 The New York Times Got It Wrong About Reverse Mortgages There are tremendous Misunderstandings about reverse mortgages. A recent 2017 RICP Retirement…

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The New York Times Got It Wrong About Reverse Mortgages

There are tremendous Misunderstandings about reverse mortgages. A recent 2017 RICP Retirement Income Literacy report from The American College of Financial Services, which surveyed roughly 1,200 Americans about retirement income knowledge, found that Americans vastly misunderstand home equity and reverse mortgages. In a recent New York Times Article, some of these misconceptions were again pushed to the public. In a response piece with Forbes, Jamie Hopkins discusses the literacy report. Additionally, he explains some of the major misconceptions surrounding reverse mortgages. Consequently, Hopkins says that far too many Americans lack a retirement income plan that incorporates home equity and reverse mortgages into the plan.

Instead, many people think RMs are dangerous products where the homeowner gives up ownership. Instead, RMs require the homeowner to maintain ownership of the home. While reverse mortgages are not for everyone, they should be part of the planning discussion.  To learn more, read this recent Forbes article interviewing Jamie Hopkins on the topic.

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