The BCCRR paper I mentioned earlier has a good example comparing a trade-down to a reverse mortgage, but trading down is an option you should also discuss with a reverse mortgage counselor. In fact, it might be worthwhile to pay a financial planner a flat fee of, say, $200 to $300, to run the numbers on both options.
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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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Most retirement plans blend hard work and diligent. of retirement income you could generate with a reverse mortgage, use Pfau’s calculator at retirementresearcher.com. 18 Kirkland Products You.
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,
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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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.
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,
Because of the high upfront costs, a reverse mortgage is usually not a great option if you’re borrowing a small amount or you plan to move in a few years. You might pay far less by taking out a home-equity line of credit. Or you may be able to generate more income by selling and moving to a less expensive place.
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