Based on a 2013 survey of the Board of Governors of the Federal Reserve System, around 31% of Americans said they had zero retirement savings and lacked a defined-benefit (DB) pension plan. Such a scenario is extremely stressful for people looking to retire by the time they hit their 60s.
To supplement retirement expenses, lenders formed reverse mortgages which are loans accessible to senior homeowners aged 62 years and above and which enable them to convert a portion of their home equity into cash. For the protection of both lenders and borrowers, the federal government has been improving reverse mortgage regulations to enhance sustainability and to guarantee that homeowners have the financial resources to meet their obligations.
Here's what you need to know about the role of a reverse mortgage specialist in boosting your retirement savings and income. Read more from this blog: http://bit.ly/2mLRtU0
