As human lifespan climbs steadily towards the century mark, Social Security is only one — and woefully inadequate — means of funding a lengthening retirement period. In fact, we’re in the midst of creating second-stage
Continue readingMaking Ends Meet: Lifesavers Part 2
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Making Ends Meet With Reverse Mortgage Help
Reverse mortgages offer one solution to many of today’s pressing financial issues, such as dwindling retirement funds, minimal Social Security checks (next year’s increase is just a drop in the proverbial bucket), necessary home repairs/improvements, and much more.
Grateful reverse mortgage qualifiers eagerly express how a reverse mortgage helped them make ends meet. Here’s one woman’s thank-you letter to her reverse mortgage company (Security One Lending):
“I’m writing to let you know how satisfied we are with our reverse mortgage. You know how I hesitated in the beginning. But you never pushed! You and your colleagues were so supportive. You explained over and over again so that I fully understood the process.
“We were in dire financial stress, running low on money at the end of the month, not able to save any, and you showed us a way out. Thank you so much.
“I will say Kathy (Halliday) is an invaluable assist to your company. She was a lifeline when I needed one. Everyone I met or worked with was so considerate and helpful. My! How you must have gotten tired of my phone calls! But, none of you ever left me hanging.
“Yes! We would recommend a reverse mortgage to all our friends, as long as they choose your company to handle it. It has freed up our lives and given us a better quality of life in our retiring years. Thank you for your direction and guidance.”
Reverse Mortgages Help pay Debt
The Redding Record Searchlight reported how two senior men found reverse mortgage to be the answer for their financial needs. Frank Cheatham, an 80-year-old Redding resident who owns two paid-off duplexes, opted for a reverse mortgage to help his son pay down debt. Since his son would inherit the properties someday, the reverse mortgage made use of a future bequest to solve an immediate need. Cheatham also used some of the reverse mortgage loan for home maintenance.
For 68-year-old Burney resident Rod Armstrong, a reverse mortgage became the means to supplement his Social Security and other retirement income. The retired airline pilot says he and his spouse updated their home’s carpeting, and are planning a few trips as well.
Both Cheatham and Armstrong deposited their reverse mortgage loans into accounts they can draw from as the need arises — a smart move.
Not saying anything is often times doing harm to clients
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Does the doctor really know what’s best?
What if you went to the doctor and they didn’t know about a life-saving treatment that had been used for 20 plus years and you left becoming worse? That’s similar to the situation many retirees find themselves in when meeting with financial planners who either don’t know about, or misunderstand reverse mortgages. It is a potential solution that should always be considered and presented for the client (patient) to choose.
We look at the changing perspective of financial professionals and the need for our industry to spearhead an effort to educate the financial community at large about the uses and functions of a reverse mortgage.
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LO Compensation Rule looms ahead
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Careless Advice
The following commentary is by James E. Veale | CPA, MBT
Advice About Reverse Mortgages
The more I read and hear so called financial advisors presenting the use of reverse mortgages, the more troubling it becomes. For example, one California reverse mortgage broker who allegedly provides retirement advice has issued press releases declaring that seniors are getting reverse mortgages to allow their portfolios and (401k and IRA) retirement accounts time to recover from recent investment losses.  Continue reading
