Retirement Income Crisis

I’m sharing an article from the Wall Street Journal showing just how very bad the retirement income crisis currently is and it is expected to worsen. The article also contains information from the Federal Reserve.
We have to realize that Reverse Mortgages will play an INCREASING role in the financial stability of retirees. As always, I welcome your calls and questions about the Reverse Mortgage program.

My name is Lou Romney ( NMLS 14119) and I can be reached at (203) 874-3883.

Click here to read the full article.

Harvard/AARP Report: Reverse Mortgages Can Help Seniors

Reverse Mortgage News from Lou Romney :

small__2672565317Harvard University & AARP recently released the results of a new study showing the DIRE need for Baby Boomers to consider a Reverse Mortgage.  The study also shows that Boomers are THE hardest hit by the recession and declining real estate values and are entering their retirement years will less savings that ANY other generation before them !

According to the article (the link is below), we have the highest number of people going into their retirement years and still carrying a mortgage on their home.   The study also points out that in 2010,  70% of those going into their retirement years still have a mortgage & monthly payments compared to only 19% in 1992 (more than triple)!  Boomers have lost approximately 32% of their wealth since the recession began!

We have a big problem,” said Henry Cisneros, former Secretary of the Department of Housing and Urban Development.

Moving forward, it’s not a pretty picture”  says Chris Herbert, acting managing director with the Harvard Joint Center for Housing Studies.

To add to the problem, many people are outliving their retirement savings.

Many, many people CAN be helped by using a Reverse Mortgage, even if a married couple has a spouse that is not yet 62 years old.   I welcome your calls to discuss with you if a Reverse Mortgage will help you.  I can be reached at (203) 874-3883.

Follow this link to view the full Harvard/AARP study.

Please call Lou Romney at (203) 874-3883 for questions about Reverse Mortgages in Connecticut, Massachusetts or Rhode Island.

Lou Romney
NMLS  #14119
(203) 874-3883
Continental Funding  NMLS # 2723
Headquarters: 7 Cabot Place
Stoughton, MA 02072


Photo credit: Rennett Stowe via photopin cc

A Look Behind The Curtain: How To Choose A Mortgage Lender – Forbes

A Look Behind The Curtain: How To Choose A Mortgage Lender – Forbes.

Great article on how to choose your lender, here are a few things to take away from the article:

1. Always research your mortgage professional

2. Just because a realtor has an in house lender, it doesn’t mean that’s your best place to get a loan.In-house reps exist because there is a mutually beneficial financial relationship, the lender has unrestricted access to agents and buyers, and the real estate company is compensated by the lender.

3. Significant interest rate discounts offered by online financing sources are advertisements, like everything else, if it sounds too good to be true, it is.

4. If trust in your lender’s rep is the result of your vetting process, chances are you have chosen well.