The discussion of reverse-mortgage costs has several moving parts. Which type of cost combination to choose depends on how you plan to use the line of credit during retirement. and potential.
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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.
In his study, Pfau examined six ways to use a reverse mortgage as part of retirement-income plan and the upshot is that homeowners now have a framework for deciding which strategy might be best.
Read more about what Professor Jamie Hopkins says about incorporating a Reverse Mortgage in to your financial plan. Acting in the best interest of your client is key according to Professor Hopkins.Click here
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.
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.
In the past, the main purpose of a Reverse Mortgage was to help seniors to fulfill cash needs by allowing them to pull the equity in their homes. But today, many seniors are finding that even if they don’t particularly need to fulfill a cash need, they can take advantage of a reverse mortgage as a tool to use strategically in retirement planning.
Investing Specialists What Should You Do with Your Home Equity in Retirement? We assess the pros and cons of staying put, taking a reverse mortgage, and downsizing.
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Wade Pfau, a Professor of Retirement Income and Director of mclean asset management, supports the idea of getting a HECM reverse mortgage with a line of credit sooner rather than later. In other words, using a reverse mortgage as part of a retirement plan, rather than as a last resort once all else has failed.