Shifting Into Reverse Blog
#287: Using a reverse mortgage to add granddad quarters
MAKING ROOM FOR DAD USING A REVERSE MORTGAGE Since your mother passed away, Dad’s health has been a bit iffy. While he’s still able to drive and take care of his basic needs, you worry about him constantly. As a widow now retired from full-time work, you stay in touch with your father daily, but it’s […]
#286: Using a reverse mortgage to pay for Bar/Bat Mitzvah bash
DANCING THE HORA USING HOME EQUITY After a health scare a couple of years ago turned out to have only a minor impact, you reevaluated your plan to sell your home and move into a new, upscale retirement community in northern Indiana. Emotionally, it felt simpler to stay put in the home you’d owned for […]
#285: Using a reverse mortgage to finance car purchase
HOME EQUITY ENABLES GETTING AROUND WHLE STAYING HOME While you’re feeling the crunch of higher living costs along with everyone else, you’re both feeling secure in your decision to spend your retirement years at home (you retired two years ago, your husband at the end of last year). Over the past two years, you […]
#284: Stabilizing Income Flow While Business Succession Plan is Executed
USING HOUSING WEALTH, ENABLE BUSINESS SUCCESSION PLAN SUCCESS Most of your adult life has been spent as owner-operator of a car repair and detailing shop. Now, preparing to retire, you’ve arranged to sell the business to your son. You’ve worked through various stages of planning, obtained a business valuation, and have made a number of […]
#283: Reducing LTC Insurance Cost Now, Relying on Housing Wealth Later
OMIT LTC INSURANCE RIDERS NOW, RELYING ON REVERSE MORTGAGE LATER FOR LONG TERM CARE INSURANCE, REVERSE MORTGAGE CAN REPLACE “RIDERS” With both children having launched their careers, the two of you have begun to focus your attention on your own future financial security. Now in your early 50s, retirement is probably at least a decade […]
#282: Refinancing a reverse mortgage to rebalance asset allocation
REVERSE MORTGAGE ENABLES REBALANCING — OF BOTH LIFESTYLE AND PORTFOLIO After seven years of semi retirement, you resolved at the end of the last calendar year to begin full retirement this year, devoting your time to creative (amateur) pursuits. Having decided to continue living in your own home, you’ve completed a series of upgrades and […]
#281: Refinancing a reverse mortgage to add a spouse
REMARRIAGE MAY BE REASON TO REFINANCE It’s been nine years since, after arriving at two important decisions (you and your late wife retiring from full-time employment, deciding to age in place in your home), you took out a reverse mortgage. At the time, you used part of the loan proceeds for reconfiguring the living spaces […]
#280: Using a reverse mortgage to help daughter avoid cashing in 401K money
EASING ADULT CHILDREN OFF THE FINANCIAL LEDGE While your children were brought up to manage their finances responsibly, with no expectation of help from you beyond their college years, you’re now reconsidering, watching your daughter, a single mom, struggle after a layoff several months ago. Apparently she’s not the only one forced into tapping her […]
#279: Using a reverse mortgage to age in place – a new place!
SIZING DOWN, UPPING CONVENIENCE AND SAFETY Now (finally!) both fully retired, you’ve come to the decision about what you do – and don’t – envision for yourselves in terms of your environment. Bottom line: you do not envision moving into a retirement community – or facility. At the same time, you realize that the […]