Monthly archive for February 2017

Baby Boomers are retiring in droves

Boomers are retiring in droves, in fact about 10,000 a day! Watch out World, this generation wants more than bingo and shuffleboard, and will shun anything associated with growing older. John Lennon’s song “Revolution” fits perfectly with how baby boomers are treating their golden years by saying “got a real solution”.

 

I am part of this generation and we have redefined each stage of life as we have passed through it. We will also retire in a way that is distinct from our parents. Yet few of us will enjoy the generous pensions and retiree health benefits enjoyed by many of the prior generations. The fact is that most boomers are inadequately prepared financially for retirement. Does this mean a retirement crisis is at hand?  When we examine net worth figures, we find that the single largest asset for most boomers is their home. Home equity will most certainly be needed to fund long term retirement planning.

 

One of the most important planning strategies that retirees can have is the elimination of debt. Almost all financial planners agree that carrying debt into retirement is a very dangerous move, one that can imperil your financial future and drain your retirement savings.  Since Many Boomers are facing tough chooses; retiring with a mortgage payment, continuing to work, or downsizing into a smaller home. Let’s look at the plan for “the real solution” I’m sure you would “love to see the plan”.

 

Here are a couple examples of how Boomers are utilizing home equity with a reverse mortgage to enhance and assist their retirement goals:

 

  • The average mortgage payment represents 25-35% of annual income. By replacing your current mortgage with a reverse mortgage you have achieved 2 things. First you have eliminated that monthly payment without creating another debt. Secondly you have secured your retirement home. Your only obligations are to live there, pay the property taxes and homeowners insurance.

 

  • Using a portion of the tax free proceeds From a reverse mortgage to delay Social Security benefits and let investments Grow.

Our generation in likely to live longer, stay healthier, and lead more active lives than any retirees have before.

Location

Headquarters
614 Old Edmondson Ave., Suite 200
Catonsville, MD 21228-3360
Toll Free:
1-800-420-5515

Maryland Office:
410-788-7070

Eastern Shore Office:
410-600-0600

District of Columbia:
202-719-0625

Virginia:
703-879-2316

Licenses

NMLS # 179014
www.nmlsconsumeraccess.org

Maryland - Lender # 06-20057

District of Columbia - Mortgage Broker # MLB179014

Virginia - Licensed by the VA State Corp. Commission, Mortgage Broker # MC5642

Social Media

Reverse Mortgage Answers on Facebook

Recently, we helped a client who inherited a property with her brother and sister. She wanted to keep the home, but the house was left to all the siblings. She lived on a fixed income, and she could not afford a monthly mortgage payment. Her lawyer referred her to me, and she gave me a call. We were able to use the Reverse Mortgage to pay off her siblings so she would become the sole owner and remain in the home. ... See MoreSee Less

View on Facebook

5 days ago

Reverse Mortgage Answers

After a person does a Reverse Mortgage, does he or she have any responsibilities afterward? ... See MoreSee Less

View on Facebook

After a person does a Reverse Mortgage, does he or she have any responsibilities afterward? Let's find out the correct answer to that today at 4:00 p.m. with Mr. Mark McVearry. We hope that our weekly live videos are educating you about the Reverse Mortgage in a short, but effective manner. See you soon! ... See MoreSee Less

View on Facebook