How Legacy Can Help One Concerned Couple Realize Their Retirement Goals
How Legacy Can Help One Concerned Couple Realize Their Retirement Goals
A concerned wife wrote to a nationally syndicated columnist last week asking for advice on how here and her husband can realize their retirement goals with a reverse mortgage. Here at Legacy, we wanted to offer our advice and opinions as well.
Homeowners near or in retirement around the country have all wondered the same thing at some point in their daily lives these days: am I in the best possible financial position to enter retirement? Unfortunately, the Great Recession left damages to the American housing and job markets that are and will continue to linger likely for some years to come. That has a lot of seniors (and even soon-to-be seniors) worrying.
Many of these homeowners are starting to reach out to professionals, attorneys, journalist, and even their local newspaper columnist for advice. Once such concerned homeowner wrote to Lew Sichelman, a nationally syndicated writer who has covered the housing market for over 40 years. She digests about her inopportune, yet so very common, disposition regarding her and her husband's retirement prospects.
In a letter dated just two weeks ago, a woman referred to only as J.L.S. wrote that her and her 77 year old husband have lived financially responsible, if not down-right frugal, lives. During the boom years, their retirement portfolio (largely invested in the stock markets) reached a cool $1 million before losing 55% when the party came to a crashing halt in 2008.
She writes that she has wondered whether or not a reverse mortgage would be a smart financial and lifestyle choice. They're ready to downsize the home and may be interested in moving to North Carolina. Lew offers some very reasonable and helpful advice in a response now published on MarketWatch.com, but we wanted to give our take as well.
At Legacy Reverse Mortgage, here's what we can do for J.L.S. and other retiring homeowners who may be in the same or a similar financial predicament.
J.L.S. can use our Reverse Mortgage Calculator, found on the Legacy Reverse Mortgage website. The instant calculator applies a homeowner's zip code, age, home value, and the existing outstanding mortgage balance remaining today (if any) to come up with an accurate estimation for what J.L.S. and her husband could expect to receive with a reverse mortgage.
J.L.S. and her husband would be eligible to receive the proceeds of their reverse mortgage under a number of different disbursement plans. The variety of payment plans are intended to meet the flexibility and needs of any one particular couple's lifestyle. For example, J.L.S. and her husband may decide to buy that retirement home in North Carolina after all, and they can do so with using what's called an HECM for Purchase plan.
Equally likely, J.L.S. and her husband may decide to stay in their home and receive their reverse mortgage proceeds on a monthly, fixed-payment for life plan, allowing the couple to flexibility to move into that home one day if they choose.
Legacy Reverse Mortgage has had the tools, experience, and a high level of dedicated customer service to help homeowners near retirement just like J.L.S. realize the vast comfort and benefits a reverse mortgage offers for over 12 years. We're available 24 hours a day, 7 days a week to answer your questions; no need to write into a columnist! Simply call 1-800-991-4613 or visit our website and find the Live Chat box on the bottom right-hand side of the screen to talk with a reverse mortgage specialist right now.
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