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The baby boom generation is rapidly approaching retirement. They will be the largest group of retirees in U.S. history and funding for retirement and financial options are evolving and becoming increasingly important. In addition we know seniors are living longer resulting in longer retirement.
A person who reaches age 65 can expect to live, on average, another 18 years. Many will live longer. As a result their assets will need to last an average of 20 or 30 years longer. This has prompted incentive for seniors and the adult children of seniors to explore reverse mortgages.
Let’s take a look into reverse mortgages and other options…Are you a senior or the adult children of seniors researching ways to supplement retirement income? Consider your options and these questions:
- Should I sell my home? Selling the home is always a choice for each homeowner and sometimes it is the better choice. Especially, if the homeowners are not interested in remaining in the home. On the other hand, seniors are living healthier and happier lives successfully beyond the age of 80, and many enjoy aging in the comfort of their home of 20-30 years. This may be the primary reason seniors prefer a reverse mortgage.
- Should I pursue a home equity loan? Home equity loans are available when you can meet the income requirements, credit qualifications, and are able to make the monthly payments for the duration of the loan. Disadvantage is that if you suffer a loss of income and cannot maintain the payment, you risk losing the home.
- What if I do nothing? If you have enough income, you can manage repairs or modifications on the property and you don’t require additional funds for other reasons, and your quality of life will be no better or worse, then doing nothing is the right solution.
- Is the Reverse mortgage right for me? Many choose the reverse mortgage to eliminate current mortgages, car payment or other larger debts. Others use it to have immediate access to tax-free income. The HECM (Home Equity Conversion Mortgage) reverse mortgage provides tax-free income, with no monthly payments as long as you live in the home and it is insured by the federal government. There are no restrictions on how you may use the funds. If you are considering the reverse mortgage you are required to receive counseling from an approved FHA/HUD counselor.
If you or someone you know is considering a reverse mortgage, and would like to receive a private consultation with a specialist, feel free to call Geri Randall at 469-867-3643 or click onto the link to send an e-mail message. Geri_r@verizon.net. Geri Randall is a Certified Senior Advisor, who specializes in reverse mortgages. Geri Randall, CSA
Society of Certified Senior Advisors (SCSA) is the world’s largest membership organization educating and credentialing professionals who want to advance their business by working more beneficially with seniors. Visit us at www.csa.usCertified Senior Advisors (CSAs) have supplemented their individual licenses, credentials and education with knowledge about aging and working with seniors. Know what those licenses, credentials, and education signify. The CSA designation alone does not imply expertise in financial, health or social matters. For details, go to www.csa.us.
Additional ResourcesAARP:
http://www.aarp.org/learntech/personal_finance/a2003-05-12-
homemademoney.htmlNational Reverse Mortgage Lender Association:
http://www.nrmlaonline.org/US Department of Housing and Urban
Development: http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
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