Shifting Into Reverse Blog
#172: How a reverse mortgage relates to the client’s estate plan
REVERSE MORTGAGE DOES NOT REVERSE ESTATE INTENTIONS After hearing so much about reverse mortgages, the two of you have become interested in exploring that option as a way of establishing a funding source as major updates become urgent on your seventy-year old home. Your big hesitation in moving forward is that, early in 2023, you […]
#171: Using a reverse mortgage to “regularize” retirement income
GETTING CLOSER TO A GOLDILOCKS RETIREMENT WITHDRAWAL PLAN As a financial advisor, you’ve found, the trickiest aspect of advising clients who come to you at the brink of retirement, is helping them select an appropriate and “safe” system of withdrawals from their investment accounts to support their lifestyle needs. As Morningstar observed in its White […]
#170: Using a reverse mortgage to bail grandkids out of student debt
STUDENT DEBT NO THING OF THE PAST Over the years, when the grandkids were younger, the two of you always made efforts to help fund their college costs by both making direct cash gifts at holiday time and also by contributing to both their educational savings accounts. Now widowed yourself and with both grandchildren now […]
#169: Preparing a home for aging in place with a reverse mortgage
PREPARING FOR UPKEEP WHILE AGING IN PLACE “I’m not sure just where I’ll be going, but I can’t put up with all the repairs and upkeep this place needs. There are always things that need to be fixed and they are taking up more and more of my time, so I’ve decided to move to […]
#168: Deferring Social Security benefits by using a reverse mortgage
REVERSE MORTGAGE SUPPLIES INCOME STREAM WHILE YOU WAIT When you retired a little over a year ago at age 66, your intention was to defer claiming Social Security benefits until age 70, so as to collect the maximum benefit possible. Now, after several unexpected home repairs and a big dental expense, not to mention the […]
#167: Refinancing a reverse mortgage to make spouse the co-borrower
STARTING AFRESH WITH A NEW PARTNER AND A NEW REVERSE MORTGAGE LOAN Four years ago, in establishing your reverse mortgage loan, you had been recently divorced. Your ex was moving to another state and you kept sole ownership of the home. Establishing a reverse mortgage at the time enabled you to revamp the home; you […]
#166: Using a reverse mortgage to manage long term care insurance premium increases
DIP INTO HOUSING WEALTH TO AVOID DROPPING LONG TERM CARE COVERAGE The postal service has delivered some very bad news to you in the form of a major increase in the quarterly premium for both of your Long-Term Care Insurance policies. None of the choices offered is savory: In order to maintain your current coverage […]
#165: Using a reverse mortgage to grow a fledgling business enterprise
HOUSING WEALTH HELPS PROMOTE FLEDGLING ENTERPRISE While your late wife’s protracted illness forced you to put plans of launching a specialty LLC consulting/coaching practice on hold, you are now ready, at age 69, to get back to the project.. In reanalyzing your finances, you realize that, since you plan to work out of your home […]
#164: Reverse mortgage on son’s home to pay parents’ CCC buy-in fee.
SON’S HOUSING WEALTH CAN HELP PARENTS BUY INTO CONTINUING CARE Following a series of health scares, your parents, both in their early eighties, recently made the decision to move into a local high-end continuing care community. Once their home is sold, the proceeds should be more than enough to cover the six-figure upfront “buy in” […]