Shifting Into Reverse Blog
#217: Using reverse mortgage as backup for Long Term Care insurance
SHIFTING FINANCIAL PREPARATIONS FROM CHILDREN TO SELVES With all three of your sons now heads of families, the two of you have begun to focus your attention on your own future financial security, with plans to retire from full time work three years from now (you’re now 63, she is 62). In reviewing your insurance […]
#216: Using reverse mortgage to fund a loan to entrepreneurial nephews
UNCLE’S HOUSING WEALTH CAN HELP BUDDING ENTREPRENEURS With no children of your own, you have cultivated an especially close relationship with your nieces and nephews over the years, occasionally offering financial help as each of the kids completed degrees and launched careers. Now, with two of your nephews in the process of launching a travel […]
#215: Using a reverse mortgage funding to augment an inheritance
LEAVING YOUR HOUSING WEALTH, NOT YOUR HOUSING, FOR HEIRS Widowed for the past decade, you’re grateful to have been able to keep up the management of the beautiful home where the two of you raised your children. Your hope is to live out the rest of your years there, but in the process of organizing […]
#214: Tapping home equity to avoid taking early Social Security benefits
REVERSE MORTGAGE AS A MEASURE OF RELIEF FOR BOTH MOM AND DAUGHTER As the only daughter (and the only unmarried, locally-based child) of a chronically ill parent, you are weighing the decision to retire at the end of the current school year (May 2025), in order to take on some of the duties of caretaking […]
#213: Using a reverse mortgage to buy investment property
HOME EQUITY Retired for the past nine years, the two of you have found various ways to supplement your income, with your wife teaching dance at a local studio and you doing handyman work and assisting at a roofing company. You long ago made the decision to continue living in your home, which is fully […]
#212: Using a reverse mortgage to fund a 529
HOME EQUITY CAN FUND GRANDKIDS’ FUTURE NEED — OR YOUR OWN Shortly after each of your grandchildren was born, you would start a 529 account in each one’s name, making modest additions to those accounts every year on their birthdays. Their parents also contributed, and those accounts ended up being a big help to your […]
#211: Using a reverse mortgage to prepare for future cost escalation
HOME EQUITY CAN BE THE KEY TO PROACTIVE PLANNING Retirement planning means a complete review of retirement needs, including health care and end-of life planning, an article in the October issue of Financial Planning magazine reminds readers in a piece about Long-Term Care insurance. While clients with sufficient assets might prefer to self-fund, consideration of […]
#210: Thorough financial planning can include both life insurance and housing wealth
PLANNING DISCUSSIONS WITH SENIORS TO INCLUDE ALL ASSET TYPES Similar to the misconception that reverse mortgages are last-ditch tactics for cash-strapped retiree homeowners, is the notion that taking a life settlement in exchange for one’s life insurance policy represents an inability to pay premiums and an urgent need to raise cash. An interesting study reported […]
#209: High net worth clients can use a reverse mortgage to control taxable income
HIGH NET WORTH CLIENTS CAN USE HOME EQUITY IN TAX PLANNING In last week’s blog post, we talked with a 69-year old gentleman who had chosen to defer social security benefits to age 70 and who was hoping to continue deferring IRA withdrawals until age 73. While he’d been able to offset some of his […]