Posts Tagged ‘reverse mortgage’
Reduced Social Security Benefits
Why some retirees could face reduced Social Security benefits unless Congress acts. The Covid-19 pandemic will prompt an unprecedented drop in one measurement, the Average Wage Index, which is used to determine Social Security benefits. Specifically, people born in 1960 could have lower retirement benefit calculations unless a fix is made. Congressional lawmakers have proposed…
Read MoreStrategic Tax Planning for the Wealthy
Strategic Tax Planning for the Wealthy with Reverse Mortgages Loan officers in the Reverse Mortgage business have ben trying to explain this to financial planners for some time now. I was glad to find this from Nasdaq this morning. The Tax Cuts and Job Act of 2017 (TCJA) dramatically changed tax law in our country.…
Read MoreHow to Make Your Retirement Savings Last
How to Make Your Savings Last for Decades, According to a 96-Year-Old Retirement Expert Lots of retirement experts theorize about how best to plan for the thirty-plus years you hope to enjoy after hitting 65. When Jack Guttentag — who turned 96 last December — gives advice, he’s speaking from experience. Guttentag, an economist who…
Read MoreNot Your Father’s Reverse Mortgage
Not Your Father’s Reverse Mortgage The reverse mortgage industry has come a long way since 1987 when Congress passed an FHA insurance bill called the Home Equity Conversion Mortgage Insurance Demonstration. This was a reverse mortgage pilot program that insured reverse mortgages. In 1988, President Ronald Reagan signed the reverse mortgage bill into law. It…
Read MoreReverse mortgage. Very useful and very misunderstood
Reverse mortgage. Very useful and very misunderstood It’s very important to dispel one common misconception about the reverse mortgage. When the borrower takes out a reverse mortgage, he or she does not give up ownership of the home. As the Consumer Financial Protection Bureau points out, the borrower keeps ownership just like all other common…
Read MoreManaging unexpected expenses
Managing unexpected expenses, an emergency fund. You might expect plenty of things in retirement – spending time with family and friends, traveling, focusing on your health wellness. For many years I have been working with financial advisors so homeowners can use the Reverse Mortgage with a credit line and spend from it instead of thier…
Read MoreRetirement Panic Attack
The Retirement Panic Attack You Never Saw Coming At a party, my friend was asked how his recent retirement is going. He lamented, “I’ve had some rough nights and more than one panic attack.” I found his reply surprising since we had talked earlier about his financial situation, and he had more than adequate retirement…
Read MoreReverse Mortgages – niche product?
Brookings: Reverse Mortgages Should be More than a Niche Product Reverse mortgage products, while unlikely to become “a pillar” of American retirement, are economically justified “to play an expanded role in helping older Americans achieve a secure livelihood.” This is according to a new research paper released by the Brookings Institution, authored by researchers Martin…
Read MoreSavings worse than before Great Recession
More than 1 in 5 say retirement savings are worse now than before the Great Recession The BoomerFOXBusiness Record upswing for US economy Former Reagan economist Art Laffer on the U.S. economy’s record expansion. As America marks the 10th anniversary of the end of the Great Recession in June, a new Bankrate surveyOpens a New…
Read MoreHome help you fund your retirement?
Could your home help you fund your retirement? Many people live in their most valuable asset. Here’s how its value could help you retire on your terms. Key points. Regardless of whether you plan to sell your home or not, your home equity can play a key role in your financial strategy for retirement If you…
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