When retirees have equity in their home and it is mostly paid off, here are 11 choices of financial options to consider
As we age in place and want to stay in our home, it will be necessary to do some modifications to the home like wider doorways. Here are some popular upgrades to your home for you to stay at home
Here are some reminders of common investment mistakes retirees make.
Survey: 64% of Americans were expected to retire broke. Survey: Only 38.1% were saving specifically for the cost of health care in retirement. Average retiree is thought to spend $4,300 on health care each year, although specific conditions and treatments can certainly affect this amount. Only 20.9% of people earning less than $50,000 said they believed they would have sufficient savings for retirement. Nearly 23% planned to use a health savings account (HSA) – or tax-advantaged account – a relatively more effective option than a personal savings account.
For there to be equity to cover the accrued interest, the HECM for Purchase requires that you pay about half the home’s sales price with your own cash.
Seven total retirement income strategies will be considered, six of which involve spending from a HECM(Reverse Mortgage)
Money Magazine’s discussion of the Pros & Cons of reverse mortgages… know completely what you give up when getting the reward of this senior loan for homeowners.
Retired individuals with outstanding mortgages can effectively improve their monthly cash flow by replacing their conventional mortgage with a reverse mortgage, using the lump sum proceeds of the reverse mortgage to pay off the conventional mortgage. Retirement risks discussed…