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. 

Subscribe Now



Paying Health-related Retirement Expenses, While Maintaining Financial Health, Too
Retirement News, Healthy Living

Paying Health-related Retirement Expenses, While Maintaining Financial Health, Too

Budgeting is a critical part of maintaining your retirement lifestyle — without running out of funds. But unlike budgeting during your working years, you may be faced with new or greater medical costs as you grow older. Health-related expenses are likely to consume a larger portion of your retirement budget — and you need to plan for that.

According to Fidelity, the average 65-year-old retired couple in 2021 needed about $300,000 in after-tax savings specifically for health-related costs in their post-work life, even with Medicare. There’s no question that medical costs in retirement are a big-ticket item — and you need a plan to pay for them.

Know your options 

From in-home care to rehabilitation services, it’s important to have a plan ready for if and when the need for help arises. Many older Americans rely on: 

  • Long-term care insurance (LTCI). The funds can be used in a variety of ways — from assistance with daily activities to skilled care provided by medical professionals. But with LTCI, premiums increase with age. And each year after age 60, you are less likely to medically qualify for coverage. 
  • Traditional home equity line of credit (HELOC). This type of conventional home loan can provide the cash flow to help cover medical costs. The downside is that a HELOC requires a minimum monthly payment on anything you borrow, which can quickly derail your monthly budget. 
  • Reverse mortgage loan. If you’re a homeowner age 55 or older (in select states)*, a reverse mortgage loan can give you access to a new source of funds without the time-sensitive restraints of long-term care insurance, or the limitations of a conventional home loan. This financial tool lets you convert part of your home equity into cash, all while still owning your home. You can withdraw funds as a lump-sum payment, a monthly payment or a line of credit to access when you need it**. Keep in mind, you’re still obligated to meet your loan obligations, including paying your property taxes, insurance, as well as keeping up with basic home maintenance. 

How much is a comfortable retirement worth to you? 

The experienced loan specialists at Reverse Mortgage Funding LLC (RMF) can answer your questions and help decide if a reverse mortgage is the best financial tool to meet your needs. Reach out to RMF today at (888) 277-1567 to schedule a free consultation. 

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

*Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit for details.

**Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. 




Subscribe to Retirement News with Professor Craig

Join our mailing list to get the latest in lifestyle content, financial advice, news and information from Professor Craig to live a better retirement.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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

Get Your Free Reverse Mortgage Quote

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.