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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Ready to Make a Move? Before You Call the Realtor, Call Reverse Mortgage Funding
Retirement News, Reverse Mortgage Facts

Ready to Make a Move? Before You Call the Realtor, Call Reverse Mortgage Funding

Sunday, September 11th marks the start of National Assisted Living Week, recognizing the professionals who provide millions of older Americans with specialized care for daily living. 

An estimated 47% of men and 58% of women age 65 and older will need some type of long-term care in their lifetime. While the majority prefer to receive care at home, just under 1.3 million of older adults live in nursing homes, while approximately 810,000 reside in assisted living facilities.

As retirement nears, what’s your plan for living out your later years? This week presents an opportunity to get the conversation started.

Finding your home sweet home

Seventy-seven percent of adults age 50 and over want to age in place for the long-term. Is your current home your forever home? There are several scenarios to consider:

Stay in your current home. Financially, aging at home may be the logical solution — from saving a down payment to avoiding relocation costs. Plus, think of the friendships and community ties you already have in place. Still, you may have to make home modifications to ensure you can live safely and comfortably well into the future.

Purchase a new home. Perhaps you want to settle in a warmer climate or move closer to family. Maybe you prefer a house that’s one level or has fewer bedrooms. A smaller dwelling can help save on mortgage costs, utilities, property taxes and more — but be sure to factor in moving costs and the potential hassle of selling your current home.  

Move to an independent living community. Whether it’s an active adult community, a retirement village or a 55+ development, this housing option offers you a chance to live on your own with access to convenient amenities and services to make daily life easier. Depending on the location, however, you can pay anywhere from $1,500 to $6,000 a month, plus additional costs for HOA fees and social activities.

Relocate to a care facility. An assisted living community may be best suited for retirees who require help with daily tasks. Residents typically reside in individual apartments, with communal spaces for meals and social activities. While cost varies by state, monthly fees can range from $2,500 to $5,000. Nursing homes, on the other hand, offer 24-hour care for those who can’t live independently, and the cost can be staggering. The average annual price tag for a private nursing home room in the U.S. is currently $94,900.

Understanding your retirement income options

Where you choose to live in retirement can have a huge effect on your financial plan. The good news is you have options to help get and keep your financials on track:

Rethink your investments. Are you conservative? Are you taking risks? Speak with a financial advisor about your investment allocations and any potential changes that can boost your savings.

Keep one foot in the workforce. Semi-retirement often means shifting to fewer hours at your current job or leaving your career for part-time work to provide a dependable source of income.

Make your home equity work for you. reverse mortgage loan may help alleviate some of your financial concerns, whether you decide to age in place or buy a house in retirement. Designed for older homeowners, a reverse mortgage gives you access to your home equity, all while continuing to live in the home and retain ownership. Learn how reverse mortgages work, and how the professionals at Reverse Mortgage Funding can help you determine if one is right for you.

Maximize your Social Security benefits. While many retirees rely on Social Security for their primary income, that doesn’t mean it will be sufficient to sustain your lifestyle. To make the most of your benefits, you may delay claiming them until you reach full retirement age.  

Think of all the ways these funds can help you enjoy a more fulfilling retirement — no matter where you choose to live. Learn more about how to retire your way.

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 4.5-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.

As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition.

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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.


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