Should a Reverse Mortgage Be Part of My Retirement Plan?

Thanks to 2014 changes in federal regulations on reverse mortgages, the loans now serve as a financial planning tool for the waves of middle-class baby boomers facing retirement.

Financial experts who have studied the pros and cons of reverse mortgages have concluded they can be an important part of a homeowner’s retirement plan, allowing them. Colangelo said. “If you get a.

However, you could make the argument that home equity planning is more fundamental to financial planning than long-term care planning. Financial planners should consider reverse mortgages as part of a retirement plan While financial planners may not recommend reverse mortgages to all their clients,

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A reverse mortgage can be structured using the tenure payment to provide a monthly payment similar to an annuity or a pension. The tenure payment provides equal-sized cash payments for an indefinite length of time as long as the house is the primary place of residence, property tax,

A reverse mortgage gives you the chance to catch up and replace your cash reserves, getting you up to speed financially. These are just a few examples of how you can use a reverse mortgage as a strategic tool. With the right plan in place, you will be well on your way to a solid retirement.

In November of 2017, Vernon published a research paper called “How to Pensionize Any IRA or 401(k) Plan. a reverse mortgage? It’s still funding your retirement!” he said. “So, in that instance, it.

Certainly, the 20-30some crowd should not be considering a reverse mortgage as a retirement plan.. Either the heirs give back and provide financial support, if for no other reason than to protect their inheritance, or a reverse mortgage may be the only other option for some.

Financial planners should consider reverse mortgages as part of a retirement plan. While financial planners may not recommend reverse mortgages to all their clients, they should be well informed about the product.

Make Downsizing Part of Your Overall Retirement Plan.. If you want to stay in your existing home, but need to improve your finances, a reverse mortgage may be a good option for you. 12. Think About Downsizing Belongings – Not Just the Size or Cost of the Home.

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