Meet Bill and Harriet Basic Metrics Bill retired last year and gets a small pension and Harriet’s had some health challenges and will need to retire within 6 months. Both are drawing on Social Security They have $200,000 in cumulative savings (IRA, 401K, Annuities) They believe they will need to draw about $17,000 a year… Read More…
Getting a reverse mortgage is not like the old days. Since 2014, there are more rules, more paperwork, and borrowers must now qualify to get a HECM (Home Equity Conversion Mortgage). These changes were designed to protect seniors and tax payers by reducing defaults. Most people do not understand reverse mortgages; even fewer are aware… Read More…
Who knew the 30 year old, oft-maligned, red-headed stepdaughter of financial products would be front and center last Sunday night at the Academy Awards? Nominated for four Oscars in the 89th Academy Awards, Hell or High Water follows the journey of two brothers who set out on a bank-robbing spree to pay off their late… Read More…
Fox Business shared an article about making the decision to take Social Security benefits early, or put it off past full retirement age and take increased benefits at age 70. The article listed two reasons to wait until 70 and two reasons why clients should not. Their reasons for waiting are… Client can increase benefits by 8%… Read More…
At first glance the article title seems to suggest that a home equity conversion mortgage (HECM), also known as a reverse mortgage can be used to hedge or mitigate some of the more common risks of retirement. But I realize that for some advisors, the very notion of reverse mortgages being implemented in financial planning… Read More…
There’s no doubt that 2016 was a great year for the Reverse Mortgage. The program was shone in positive limelight by myriad publications, researchers, institutions and well-respected financial thought leaders. Below are some of the stand-out articles to be published in the last year. The American College-December 5, 2016 Making a Case for Reverse Mortgages in… Read More…
BY 2035, AN ASTOUNDING 1 OUT OF 3 AMERICAN HOUSEHOLDS WILL BE HEADED BY SOMEONE AGED 65 OR OLDER – Harvard Aging in Place Study Many retirees have a dream of aging in place – the ability to live in one’s own home and community safely, independently, and comfortably, regardless of age, income or ability… Read More…
A few weeks ago I ran across an article in Forbes that was entitled 5 Ways A Reverse Mortgage Can Help Your Retirement. I was stunned at the clarity and preciseness in which Neil Krishnaswamy, CFP®, RICP®, EA had summarized. I immediately looked him up and emailed him. Once we connected, I asked him where did… Read More…
Reverse mortgages allow homeowners age 62 or better who own their home outright or who have a small mortgage balance to convert the equity in their primary residence into a liquid, tax-free asset. Borrowers can take their money in a lump sum, a monthly payment, or set up a line of credit. Interest accrues on… Read More…
Today I was thrilled to have my good friend Prof. Jamie Hopkins — Forbes writer and co-director of the American College’s Retirement Income Program — talk about the impact of a Trump presidency on retirement income planners during my webinar. During the talk, Jamie broke down what changes to expect for seven different areas of… Read More…
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