Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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5 Summer Activities That Won’t Bust Your Retirement Budget
Healthy Living, Retirement Tips

5 Summer Activities That Won’t Bust Your Retirement Budget

According to a recent travel industry study, Americans will spend $1,978 on summer vacations this year — a 10 percent increase from last year’s $1,798 average. Baby boomers will shell out $1,865. And that’s just on vacations. Think of all the other activities, day trips and extra costs associated with the warm weather months. 

Summer is the perfect time to catch up with friends, visit family and take advantage of different opportunities for leisure, but it doesn’t have to break the bank. There are plenty of ways to have fun at a low cost, helping to keep you busy and stay on budget:

#1 — Explore your local library. Borrow books, check out movies and download music — all for free. Your public library may even have a summer reading club specifically for adults, as well as activities such as computer training, workshops, author events or foreign language classes. Many libraries also offer free passes to museums and national parks for cardholders. If you’re babysitting the grandchildren, remember the library has tons of activities for them as well. 

#2 — Join the community pool. Chances are, your town or county has a public pool for residents. An affordable seasonal membership gives you the chance to kick back and cool off during hot summer days. Membership may also include free or discounted swim lessons if you want to brush up on your skills or learn some new strokes. 

#3 — Head to the beach. What’s more relaxing than an afternoon at the beach? While some beaches are free to enter, others require the purchase of a daily or seasonal badge. You can likely save by going on weekdays or late afternoons, or by purchasing a discounted pass for those 55 and over. Pack water and a picnic lunch to avoid overspending on concessions. 

#4 — Stroll or hike through nature. Search online to find public gardens, flower fields or hiking and walking trails in your area. Most are free or accessible at a very low cost. Don’t forget to bring your camera to capture the plants and flowers that are blooming in season. It’s the perfect opportunity to get some exercise surrounded by the beauty of nature at its finest.

#5 — Act like a tourist in your own neighborhood. Too often, the only time we see familiar surroundings through fresh eyes is when hosting out-of-town visitors. Why wait? Fill gaps in your local knowledge by taking a walking tour of a nearby city, researching historic buildings or notable residents, or using town hall records to explore the history of your own home. Check out the local convention & visitors’ bureau or tourist websites for popular recommendations.

Freeing up funds for summer fun
While there are plenty of low-cost activities, there are also financial opportunities available to help ensure you have enough money available to fund the leisurely retirement you’ve envisioned. For example, a Home Equity Conversion Mortgage (HECM) reverse mortgage loan can be a sound financial planning tool for older adults. Exclusively for homeowners and homebuyers age 62 and older, a reverse mortgage loan allows you to borrow against the equity in your home, giving you access to cash that you can use today, or a line of credit that will be there when you need it. An Equity Elite Reverse Mortgage is another loan option, designed for owners and buyers of higher valued homes, townhomes and condominiums. Available in certain states, this new loan offers many benefits, including maximum lending limit up to $4 million, as well as no Mortgage Insurance Premium (MIP) fees. Both a HECM reverse mortgage and Equity Elite can help you delay the need to tap into your retirement funds. 

Enjoy the summer — without squandering your savings 
Whether you’re newly retired or approaching the next phase, summertime doesn’t mean taking a vacation from a responsible savings plan. Smart financial planning is the key to securing the resources for a comfortable lifestyle. Reverse Mortgage Funding provides expertise and loan options to help meet your retirement needs. Call 888-277-1567 to set up a convenient phone appointment with a licensed reverse mortgage specialist.


If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

Check Eligibility

Equity Elite Reverse Mortgage (“Equity Elite”) is Reverse Mortgage Funding LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Equity Elite is available to qualified borrowers who may also be eligible for HUD, FHA’s HECM program or are seeking loan proceeds that are higher than HUD, FHA’s HECM program limit. Equity Elite currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state.

Upon a maturity event, any non-borrowing individuals with an ownership interest in the property, including non-borrowing spouses, will have 90 days to purchase the property from the estate or, if the non-borrower inherits the property, pay the loan in full using any sources of funds available to them. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to pay off an Equity Elite reverse mortgage upon the borrower’s death or any other maturity event. If the non-borrower is unwilling or unable to purchase the property or pay the loan in full, there is no protection for the non-borrower (including a non-borrower spouse) to maintain an interest in the home or to continue residing in the home past the maturity event and the non-borrower may be evicted upon foreclosure. The FHA HECM program has protections in place for certain non-borrowing parties, so a reverse mortgage applicant with certain non-borrowing parties should strongly consider a FHA-insured HECM loan (see HECM guidelines or ask an RMF representative for details). Under the Equity Elite reverse mortgage loan program, a maturity event occurs when the last surviving borrower no longer lives in the home as his or her primary residence for at least 12 months, the property charges (including taxes, insurance, HOA dues or any other property charges) are not paid, required repairs are not completed or the property is not maintained, or any other maturity event, as specified in the Security Instrument, occurs.



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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

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By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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