UNCATEGORIZED

Home ‘annuity’ could supplement seniors’ incomes

May 16, 2013, 8:01 AM | Updated: Mar 4, 2016, 5:52 am

A recent article in U.S. News and World Report suggests seniors and baby boomers consider turning their homes into an annuity by using one of the least tapped avenues of a reverse mortgage.

These monthly payments are available under a feature of the loans called tenure payments. The payments allow borrowers to convert a percentage of their home’s value into monthly payments for the time, or tenure, they remain in their homes, supplementing other retirement assets.

Most reverse mortgage borrowers now seek a one-time, lump-sum payout. Often, those funds evaporate sooner than expected.

While tenure payments are not widely discussed among existing lenders, they are the centerpiece of a new reverse-mortgage philosophy. For example, Bellevue-based Axia Financial believes tenure payments can be an extremely viable and attractive way for millions of seniors to at least partially close their retirement income gaps.

Uncategorized

kent trooper shot...

Kate Stone

Man faces multiple charges after WSP trooper shooting in Kent

A man accused of shooting a Washington State Patrol trooper multiple times in Kent last Friday has been charged.

1 month ago

Oregon Emergency Landing - (Elizabeth Le via AP)...

KIRO 7 News Staff

‘Everyone was eerily calm,’ recalls passenger aboard ill-fated Alaska Airlines flight

Terror in the skies: A Vancouver, Washington, woman shares the harrowing moments after an airplane blowout over Portland.

3 months ago

Photo: SPD vehicle...

KIRO 7 News Staff

Two men shot at bus stop in North Seattle near Northgate

Two men were shot at a bus stop along Aurora Avenue Wednesday, according to the Seattle Police Department.

5 months ago

Manuel Ellis arrest, Tacoma police officers...

Associated Press

Prosecutors focus on video evidence in trial of Washington officers charged in Manny Ellis’ death

A cellphone video of the 2020 fatal arrest of Manny Ellis shows the Black man on the ground with his hands in the air in surrender

6 months ago

...

No Author

EXPIRED: Win tickets to see Stokley at EQC!

KIRO Newsradio is giving you a chance to win two tickets to see Stokley at the Emerald Queen Casino on Saturday, November 11, 2023!

6 months ago

(File photo)...

L.B. Gilbert

NLRB files complaint against Amazon for unlawful confidentiality agreement

A new complaint from the National Labor Relations Board (NLRB ) is accusing Amazon of requiring some corporate employees to sign an unlawful confidentiality agreement. The complaint states Amazon had required a former employee from its drone project, Amazon Prime Air, to sign an agreement that forbade discussion of information regarding Amazon, whether or not […]

7 months ago

Home ‘annuity’ could supplement seniors’ incomes