Retirement Tips

Take advantage of low-cost activities to enjoy the fall season, while staying within your retirement budget

According to AAA, 28% of Americans are planning a fall getaway. But if traveling out of town isn’t in your budget right now, there are plenty of fun family day trips and weekend activities that can keep you active without breaking the bank. Here are five affordable ways to have a good time this autumn:

1. Go picking: Apples or pumpkins — It’s that time of year to head out to the pumpkin patch or apple orchard. Seek out farms with no admission fee where you just pay for what you pick. During the fall months, many venues also offer hay rides, corn mazes and other seasonal activities, so you can make a day out of your visit. And with apples and pumpkins, the fun continues when you get home; carve jack o’lanterns, roast pumpkin seeds, bake an apple pie or make your own cider.

2. Take a hike — Sure, you can go hiking any time of year. But now you can enjoy the crisp temperatures, and depending on where you live, vibrant fall foliage. Look up local trails. Most parks and nature reserves have paths for all levels with varying distances to meet your comfort level. Bring your spouse or a friend to enjoy the scenery while you get some fresh air and exercise before the bustle of the holiday season.

3. Check out local festivals — The cool weather is perfect for outdoor festivals. From street fairs and harvest festivals to Oktoberfests and more, look for nearby events with free or low-cost admission. Get outside, bring the family and check out the invigorating smells, tastes and sights of the fall.

4. Watch a football game — Whether it’s high school, college or pro, football is the sport of the season. Round up some friends and catch a televised game at a bar or restaurant in town, or host a potluck viewing party to root on your favorite team. If you want live action, splurge on tickets. If you wait a few days before the game, you may just score tickets at a bargain price.

5. Organize a neighborhood food drive — During the summer and early fall, food pantries and other charitable organizations often run short on supplies. Make a difference in your community by organizing a food collection drive to support your local organization. Ask the food pantry manager what items are most in need and recruit volunteers for various roles — getting the word out, picking up donations, soliciting local businesses to serve as drop-off points, delivering to the food pantry and more. Giving back feels so good, you may find yourself inspired to make it an annual event.

Don’t nickel and dime your fall fun

There are plenty of affordable fall activities, but there are also financial opportunities available to help ensure your leisure time is covered. A reverse mortgage loan is a great financing choice for retirees. Exclusively available to 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 today, or a line of credit that’s there when you need it.

Available in certain states, an Equity Elite Reverse Mortgage is another loan option. Available exclusively from Reverse Mortgage Funding LLC (RMF) as the lender, it offers many benefits, including loan amounts of up to $4 million, no Mortgage Insurance Premium (MIP) fees, and an option that eliminates nearly all up-front costs.* Plus, it’s available to those as young as 60, and more condominiums qualify.

Both loan options can help you delay the need to tap into your retirement funds.

Gaining financial freedom all year long

Regardless of the season, it takes smart financial planning to secure the resources you need to enjoy life to the fullest. Reverse Mortgage Funding (RMF) can help. Call (888) 277-1567 today to set up a convenient phone appointment with a licensed reverse mortgage specialist.

*With this pricing option, borrower receives a lender credit covering nearly all closing costs. There is a non-refundable independent counseling fee of approximately $125 on average, which the borrower pays directly to the counseling agency. Terms and conditions apply. Not available in all states.

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 also may 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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