
Macquarie Chief Financial Officer Alex Harvey to Step Down
Harvey will also step down from the executive committee effective December 2025 and then retire after handing over to Frank Kwok, according to a statement Thursday from the Sydney-based firm.
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Social Security, Medicare, retirement savings: Ask Yahoo Finance
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How much can a 70-year-old borrow with a reverse mortgage right now?
The retirement landscape has shifted dramatically in recent years, with many Americans now finding themselves equity-rich but cash-poor as they enter their golden years. While traditional pension plans have largely disappeared and Social Security benefits continue to face pressure, one asset has quietly grown into a financial powerhouse for older homeowners: their home equity. According to recent data, the average homeowner holds approximately $313,000 in home equity, representing a substantial untapped resource for just about anything, including retirement funding. This timing couldn't be better, either, as this year has ushered in significant changes to the reverse mortgage landscape that directly benefit older borrowers. For 2025, the Federal Housing Administration (FHA) increased the maximum claim amount for Home Equity Conversion Mortgages (HECMs) to $1,209,750 — a jump of nearly $60,000 from last year's limit. 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For a 70‑year‑old borrowing at a typical interest rate (around 6 % currently), the PLF would be about 41%. To get a rough estimate of your borrowing limit, you would multiply the PLF against your home's value. So, if your house is worth $500,000 (below the FHA cap), the gross principal limit would be roughly $205,000 (0.41× 500,000 = $205,000). But if your home is valued, or capped, at the full $1,209,750, the maximum gross proceeds would be about $495,997 (0.41 × 1,209,750 = $495,997.50). Note, though, that the estimates above are calculated before accounting for fees, closing costs, mandatory obligations or a required life‑expectancy set‑aside (LESA). After those are deducted, your net principal limit, which is the actual amount you can choose to receive, will be lower. But what if your home is valued higher than the HECM cap allows? 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