Radio Show

Hi Everyone, I'm excited.  I just got done doing my first radio show.  I was interviewed on KMYC 1410 a.m. in Marysville.  The station actually reaches a lot of Northern California from Lincoln to Chico and then on up North to Redding.  I was interviewed by Lori Schulz of American Home Realty who does a weekly Sunday show on that station.  Thank you Lori for having me on your show.  I'm working on putting together a podcast geared towards the 50+ crowd (that includes me) talking about things that are relevant to us.....If you guys have any ideas, let me know....now that I'm done working for the day, I'm going to have a bbq with my family (husband cooking) and relax a little.....Bye everyone.....

Welcome to my blog

Hi, The sun is finally out and I still haven't taken the dog for a walk in the last week like I promised him.  I'm here at my computer posting my first Blog.....

This site is all about finances as it relates to the Senior Population.  Specifically, we're going to talk about the HECM (home equity conversion mortgage) or more commonly know as a "Reverse Mortgage".  Whether you know a lot about this program or not, or even like the idea of a Reverse Mortgage, the fact is, that this program will be a common retirement tool in the upcoming years. 

Why is this, well let's take a look at 4 reasons:

• Aging population:  The oldest of the baby boomers are now age 65
• Shrinking 401k's and other shrinking investments:  Many of the nest eggs that those in the 65+ age group have shrunk and they have to re-think their plan
• The real estate boom:  The real estate boom has come and gone but the remnants of the boom are still a factor for some people.  Some people refinanced their homes at the height of the boom when real estate values were at their highest.  There were lots of different loan programs to choose from and borrowers were allowed to take out a lot of the equity in their homes.  In some cases, up to 100% of the equity.  Some borrowers didn't pay attention to the loan programs they were getting themselves into.  They were enticed by promises of low payments and thought home values would keep going up and it would be easy to refinance later on and get a better loan. Of course, there were unscrupulous mortgage people out there that didn't explain the programs properly and just wanted to get another deal without putting the needs of the borrowers first.
• Later retirement age: People are working longer than ever.  They may be working well into their 70's.  As a result of that, they might delay getting their social security or other retirement income.  However, their job might be part time and not pay enough to make ends meet.  They may work due to financial need or to just keep themselves occupied.

Next post, what are the requirements for getting a Reverse Mortgage.....feel free to comment or send me a private e-mail with comments or suggestions for postings.....
Thanks,
Nannette