Shifting Into Reverse Blog
#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 […]
#208: Using a reverse mortgage to control taxable income
HOME EQUITY CAN BE A TAX DEFERRAL TOOL Officially retired three years ago from your corporate position, you chose to defer social security benefits to age 70, allowing the amount to increase. You’ve been able to earn part time income, avoiding the need to tap your IRA rollover account. In fact, you’re hoping to defer […]
#207: Using a reverse mortgage to prepare for health care services at home
THINKING AHEAD ABOUT CARING IN PLACE Several of your neighbors have sold their homes, with one moving to live with her daughter in another state, the other relocating to a suburban retirement community. But, for your part, you’ve made the firm decision to continue living in your own modest-size Indianapolis home. With all your favorite […]
#206: Using a reverse mortgage to allow deferring Social Security benefits
IN A QUANDARY ABOUT DEFERRING SOCIAL SECURITY BENEFITS After attending three different seminars, plus listening to umpteen radio ads about leaving six figures on the table when claiming Social Security benefits the “wrong way”, you’re still in a quandary as to the best route to take. With your planned retirement date (career curtain time”?) only […]
#205: Using a reverse mortgage to help after a job loss
AFTER A DOWNSIZING, TURN TO HOUSING WEALTH FOR SUPPORT At age 56, you’ve just received the very unwelcome news that you, along with several co-workers in your department, are being “downsized” (aka let go) just weeks from now (with pay continuing for six months). While you began immediately to put out job feelers, the horizon […]
#204: Using a reverse mortgage to finance the purchase of a smaller home
WHEN SMALLER BEGINS TO SEEM BETTER Years ago, having a big back yard with an in-ground pool meant keeping your kids and their friends “in sight”. At your present stage in life (widowed and retired, age 67), these amenities have become more burden than boon. You continue to prize owning property over being a tenant, […]