Reverse mortgage loans, which allow seniors to convert home equity into cash, have become more popular in recent years. But now the reverse mortgage industry and government regulators are dealing with a potential nightmare: a growing number of loan defaults that could lead to foreclosures, and even evictions of elderly homeowners in some cases. Non-performing [...] [...more]
Public opinion on healthcare reform is divided — Gallup says 46 percent of Americans back Republican efforts to repeal the law, 40 percent want it to stand and 14 percent have no opinion. Some Americans oppose the law on ideological grounds. But the poll numbers also reflect an enthusiasm gap stemming from the simple fact [...] [...more]
A mortgage is a contract. Maybe that’s why Brent White has drawn so much attention in the red-hot national debate about the ethics of strategic default on mortgages. White, a law professor at the University of Arizona, is outspoken on strategic default—the notion that it’s okay for homeowners who are underwater on mortgages to simply [...] [...more]
A new study from the Society of Actuaries finds that the vast majority of women haven’t done the financial planning necessary to live comfortably for their full lifespan. Women outlive men by an average of four years so they have a critical need to plan for inflation, health expenses and long-term care needs. The study [...] [...more]
Today’s draft proposal from the co-chairs of President Obama’s deficit reduction commission lays out three big cuts in future Social Security benefits. They include changes to the formula used to determine lifetime earnings that drive benefits; a higher retirement age; and revisions to the cost-of-living adjustment formula. Learn more in my post at Reuters.com. [...more]
