Q: My son and his girlfriend have been renting an apartment for the last four years. They have about three months left on the current lease, and their relationship is on the rocks. His girlfriend is moving out early, and only his name is on the lease. Is there anything he can do?
Seniors who accumulate a nest egg during their working years that they then use to maintain their lifestyle during retirement risk running out of money if they live too long. With life expectancies increasing, that quandary is being labeled a "retirement funds crisis." Seniors who own homes, however, have a valuable option. They can use a reverse mortgage to reduce the risk of outliving their money. The proviso is that they need to unlearn what they thought they knew about shopping for a mortgage.
The Federal Housing Administration is the government agency that sets standards for building construction, but for homeowners or home buyers it can be a lot more. FHA-approved loans can help borrowers overcome obstacles standing between them and homeownership, and give homeowners options to keep mortgage payments manageable.