Divorce

Reverse Mortgages could help resolve a big problem in a divorce. I bring this story because there is more of this reality than you could believe. Seniors getting a divorce has a name “Grey Divorce”. Even here in Birmingham, AL I was part of or know of 6 situations where the judge ordered a Reverse…

Underutilized retirement strategy Underutilized retirement strategy. Across the nation, thousands of seniors have used a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage loan, as savvy way to access the equity in their homes as part of their retirement strategy. But it still remains an underutilized retirement strategy with less than 10% of…

Here’s the Average Cost of Retirement: How Prepared Are You? According to an Age Wave/Merrill Lynch report, 81% of Americans report not knowing how much money they’ll need for retirement. That’s more than a little problematic, because if you don’t know how much you’ll need, you can’t know if you’ve been saving enough. How much…

Elder Law and Estate Planning Advice Whether it is physiological or psychological, as people grow older, they tend to grow more childlike. The dependence upon caregivers or family members makes an older person more vulnerable for abuse and financial exploitation. Legal arrangements and protective actions by family may be necessary to shield loved ones from…

Caregiver Stress Cause Early Death A 2003 study of caregivers by a research team at Ohio State University has proven the off-repeated adage “stress can kill you” is true. The focus of the investigation was the effect the stress of caregiving had on caregivers. The team, led by Dr. Janice Kiecolt-Glaser, reports on a 6-year…

Evaluating Savings for Seniors Tax Qualified Retirement Plans. As the years go by, more and more seniors will have substantial retirement assets that were a result of retirement plans sponsored by their employers while these people were working. In the past 30 years, these plans have become the standard method by which employment retirement funds…

Here’s How 1 in 5 Americans Avoid High Medical Costs — and Why They’re Putting Themselves in Danger Are you employing this troublesome tactic? by Maurie Backman (TMFBookNerd) The cost of nearly every common living expense has risen in recent years, and healthcare is no exception. Unfortunately, Americans are really feeling the pain. Not only…

Only 26% of Americans Know This Key Retirement Number Are you in the minority?Maurie Backman (TMFBookNerd) Social Security is a crucial source of income for millions of seniors, which is why eligible recipients should take steps to maximize their benefits. Unfortunately, a large number of Americans lack the knowledge to make informed decisions about Social Security,…

Scams targeting seniors While a person can become a victim of a scam at any age, the senior population is becoming more vulnerable to scammers. Seniors make good targets because they generally have good credit and accessible savings. Further, many seniors are alone or suffer from conditions like memory loss or frailty, which make seniors…

It could be in the name. Experts Weigh In on Reverse Mortgages Reverse Mortgage – Is it the name, or the actual loan product that causes people to shy away? Apparently, it is the name. When presented with the description of what a reverse mortgage can do vs a traditional HELOC on which payments must…