Finance

By Alain Valles, CRMP, MBA, CSA Is 62 the best time to start receiving Social Security? According to the Social Security Administration, you may start receiving...

Things that keep us up at night The ramifications on the world economy of Britain leaving the European Union, increasing tensions between China and Russia, a contentious Presidential election, terrorism, the ongoing Middle East crisis, and the global warming debate. All are examples of events that we have little control over but are causing tremendous concerns.

It’s no surprise that the older adult population in Massachusetts is increasing rapidly. In 2010, those aged 65 and older accounted for 14 percent of the state’s population. However, by 2030, that figure will grow to 21 percent. To be economically secure at any age, one’s income must cover basic living expenses. If housing, health care, food, transportation and other incremental expenses are not sufficiently covered by household income, we must support effective strategies to fill the gap or the household will suffer severe economic hardship in retirement.

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

By Alain Valles, CRMP Reverse mortgages often conjure dire outcomes. But the facts are just the opposite. With changes to the government-insured loan program, formally...

On the heels of a new report showing the top scam in Massachusetts involves debt collection, the AARP Fraud Watch Network offers tips so you can learn how to protect yourself from the five top scams reported by Massachusetts residents in 2015. According to the FTC’s Consumer Sentinel Network Data Book, of the 46,414 Massachusetts complaints recorded last year, 37,884 were fraud-related, ranking the Bay State at number 22 of 50 states.

Reverse mortgages, also called Home Equity Conversion Mortgages (HECMs), are government-insured loans that allow qualified senior homeowners to convert illiquid home equity into available tax-free cash for immediate or future use. Although reverse mortgages have been available since 1987, they still only account for about 1 percent of the total mortgage industry.

Reverse mortgages have helped tens of thousands of older homeowners avoid serious financial difficulties by converting illiquid home equity into available tax-free cash. Recent changes in this government-insured loan program have helped to significantly reduce the cost while also strengthening protection for the borrower.

If you are like many Americans, some or all of your retirement income is tied up in the stock market. Perhaps you own stock directly, or participate in a mutual fund, or an annuity, or have invested in a 401(k) or company pension plan. So you probably pay attention to how the market is doing, hoping that your savings will be protected and – hopefully – continue to grow.

We all know the stereotype of a "senior" - a weary, grumpy “old person.” But, like all generalities, this image of a "senior" is far from accurate. Today’s seniors are active, engaged and filled with a desire to get the most out of life. They have worked hard for many years to earn a living, buy a home, and raise a family. Now they are eager to turn to the next chapter and enjoy the rewards of retirement.