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Reverse Mortgages Can Be A Retiree's Saving Grace - Forbes article

Nice article in Forbes providing specific applications for Reverse Mortgages.  HECM Reverse Mortgages are clearly an area that the public and the advisor community will need to pay more attention to if we are to collectively achieve retirement goals in the current climate.  I like the #4 suggested Reverse Mortgage application the best, given it is the most practical, most common scenario, and most effective means of establishing financial balance for my clients.  “#4 Reduce Retirement Expenses and Cash Outflow. “  Retirees and seniors need to focus on cash flow and balance as part of a plan.  Time works against us all.  There seems to be no time to talk about establishing financial balance so we can relax and enjoy retirement.  What typically happens is a plan is put into place that is half-hearted and constructive at the onset, but often is incomplete and substituted with growing debt to bridge any shortfall in mandatory expenses.  As time goes by, the creeping debt, in the form of credit cards and traditional home equity lines that require payments, can turn into a crisis.  As an example, not having a plan that is realistic and comprehensive can lead to various forms of savings being dissipated prematurely.  It is important to have all your resources working together.  Preservation is key and it is important to know that debt will give you short term comfort, but time is a continuum and debt is clearly not your friend.  A Reverse Mortgage can help you avoid such a circumstance.  A government insured HECM Reverse Mortgage should no longer be thought of as simply a loan or an entitlement program.  It should be understood and accepted as a vehicle that will allow retirees and seniors the mobility to help themselves establish financial balance and security in retirement without the constant fear of reliance on Social Security. A Reverse Mortgage used wisely can have a very positive impact and make a big difference in retirement

http://www.forbes.com/sites/jamiehopkins/2015/10/07/correctly-using-reverse-mortgages-can-be-a-retirees-saving-grace/.      

George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Helping seniors with Reverse Mortgages in Virginia, Maryland and Pennsylvania.

Questions/Comments encouraged.

 

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