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Wednesday, November 12, 2014

Age is a State of Grace - Dream Jobs for Elders

Age Is a State of Grace, Part 2: Dream Jobs for Elders

AMARA ROSE NOVEMBER 11, 2014 0
“114 isn’t as old as it used to be; they say it’s the new 104.”
~ Craig Ferguson
reverse mortgage newsLast month we discussed how some seniors look down their noses at the idea of retiring from the work world, as though the suggestion is an errant piece of lint on their clothing, and focused on just how essential these extra dollars might be for someone in their 60s and 70s.
Such concerns seem like child’s play for some of the nation’s oldest workers, who have vowed never to retire — primarily because they enjoy their jobs so much.
Take Betty Reid Soskin, 93 — but don’t take her too far from the Rosie the Riveter/World War II Home Front National HistoricalPark in Richmond, California, where she’s been a park ranger since she was a youthful 86. Soskin says all her previous jobs, in politics, as a record store owner, and as an office worker, have been preparation for her current work, in which she shares with park visitors what it was like to work in a segregated union hall during World War II. “It’s rather an enviable spot to be in,” says Soskin proudly. “I wouldn’t think of retiring.”
At 91, Kenneth Curzon is a cruiser. Though he could certainly be relaxing on the front porch of his house with a reverse mortgage to fund his days, even if he had a HECM, you wouldn’t find him sitting on the porch. Instead, Curzon cruises the parking lot of Scripps Memorial Hospital starting at 6:15 a.m., a job he’s loved for the past 24 years. The hospital CEO doesn’t believe he’s ever arrived before Curzon in the morning. “If they came to me and said I need to step aside then I would do that, but I would probably look for another job,” Curzon said.
Novaleen Slatton, 90, says the same: “I don’t want to stay at home by myself and look at four walls. So many people have retired, and then they say they’re bored to death.” Instead, Slatton works three days a week as receptionist at her local Chamber of Commerce, using her earnings to contribute to savings accounts for her three grandchildren, who are in college or just launching their careers. When she’s not at work, Slatton goes to the races — that’s horse races — with her brother.
Do any of your reverse mortgage clients or prospects still work, not necessarily because they need the money but to continue to contribute their skills and wisdom to the world? If some of your senior contacts are experiencing low spirits, perhaps a part-time dream job could be the cure.

Monday, August 4, 2014

Seniors with financial problems


I'm looking for seniors that are having trouble paying their mortgages, credit card bills, medical expenses, etc.  Do you know of anyone I can help?

Give me a call - 314-220-3918 or email me at fourquits@aol.com.


Monday, July 14, 2014

Retirement - The new Solution - MOVING

You’ve heard that baby boomers, as well as Generations X and Y, are behind on their retirement savings, right? These demographics are regularly bludgeoned in the media and by the financial industry’s marketing machine for their negligence in saving for the future.
While some in the media are well-intentioned in their criticism, I can’t help but recognize the bias within the financial industry when it admonishes savers to save more — in their proprietary savings vehicles, of course. Because of this bias, the emphasis has always been on new and different ways to invest. And while I certainly do believe your investment strategy plays a very important role in the retirement planning process, it’s decidedly less important than two behavioral moves that can dramatically improve your retirement readiness.
The first retirement silver bullet may be the most powerful: MOVE, to an area with a lower cost of living.
A moving truck operated by Piedmont Moving Sys...
A moving truck operated by Piedmont Moving Systems, an agent for Mayflower Transit based in San Jose, California. (Photo credit: Wikipedia)
The huge impact this maneuver can have on an investor’s retirement prospects becomes especially apparent when comparing the areas with the highest cost of living to the areas with the lowest. According to Sperling’s Best Places, an online resource that estimates the cost of living in areas across the country, the median home price in Chevy Chase Village, an idyllic Washington D.C. suburb located in Maryland, is $1.5 million. The cost of living there is 252% higher than the U.S. average. By comparison, the median home price in Great Recession-battered Detroit is $35,700. The cost of living there is a full 26.7% lower than the U.S. average.
But if that example appears all too convenient and unrealistic, consider this contrast: Washington D.C. suburb Alexandria, Va., boasts a median home price of $444,200 and a cost of living 55.5% higher than the U.S. average. Meanwhile, Knoxville, Tenn., the vibrant and colorful home of the University of Tennessee, has a median home price of $109,200 and a cost of living 19.3% lower than the national average.
Let’s picture a prospective couple in Alexandria trying to figure out their plan for retirement:
In Alexandria
  • Their home is now worth $500,000.
  • They have a $200,000 mortgage (from college costs and home improvements).
  • They need $100,000 in annual income to cover expenses:
    • Mortgage principal and interest payment ($200,000 loan at 5 percent for 15 years) = $19,000 per year
    • Other income needs, less mortgage = $81,000 per year
  • They took a pension lump-sum offer, invested in a 401(k) and have total retirement assets of $800,000.
  • Social Security plus a 4 percent withdrawal from their retirement accounts = $50,000, or 50 percent of their estimated need.
In Knoxville
  • They could purchase a comparable home for $200,000, mortgage free.
  • They could add the $100,000 in net proceeds from the sale of their home in Alexandria to their retirement nest egg, now $900,000.
  • According to the cost of living ratio, a $41,120 annual income in Knoxville would feel like their $81,000 income in Alexandria.
  • Social Security plus a 4 percent withdrawal from their retirement accounts = $54,000, or 119 percent of their estimated need.
This is the set of choices our prospective couple is facing presented in chart form:
Alexandria - Knoxville
If you find yourself in a retirement planning pickle, I’m not suggesting you read this and immediately put a “for sale” sign in your yard. Cost of living should not be confused with quality of living. If your geography and proximity to friends and family is where you derive the most joy from life, I’m not suggesting that you have a financial duty to uproot. But, if you’ve reached a retirement plan dead-end and find yourself without options and a yearning for a refreshing change of pace, there is no question that transplanting your financial life to a lower cost of living area can transform a bleak retirement into one that is quite comfortable.

Wednesday, July 9, 2014

Is a Reverse Mortgage RIGHT for you or YOUR family - 5 simple questions

Take this quick, five-question quiz to access whether or not a reverse mortgage is right for you.

1. Are you (and your spouse, if applicable) 62 or older?

The federally-insured reverse mortgage program requires borrowers to be age 62 or older.  In order to take out a reverse mortgage and remain on the home title, you and your spouse, if you have one, must both meet the age qualification guidelines.

2. Do you own your home outright, or have a small mortgage balance?

The amount you receive from a reverse mortgage depends on your age, your home's appraised value and the amount of equity you've built up in your home along with current interest rates.

If you owe a large mortgage there will be less equity to tap into.  So you will have less equity to tap into.

3.  If you still have a mortgage, do you need to pay it off?

A large number of seniors are now retiring with a mortgage debt.  This is sometimes challenging on a fixed income.  There are about 80% of people aged 65 and older that own homes, however since 2011 at least 30% of them carry a mortgage.  Among homeowners age 75 and older more than 21% still have mortgages.

Few people realize that a reverse mortgage can pay off their existing mortgage and eliminate those monthly payments?  The HECM program requires a borrower to pay off any existing debt, but reverse loans are not due and payable until you leave the home permanently by death or disability.

4.  Are you planning on "Aging in Place", and do you want to make any home modification to achieve this goal?

A staggering 90% of people age 65 and older have indicated a desire to stay in their current home for as long as possible, according to AARP.  If that describes you, a reverse mortgage could help you achieve your goal.  Reverse mortgages can be used for funds to carry out certain home modifications to enable aging in place.  

Remodeling to create a safer living environment could range from installing grab bars in a strategic location to creating low or no-threshold entries or even widening hallways and doorways.

5.  Will you be  able to live comfortably in your home in the future?

Like most financial products, reverse mortgages come with some upfront fees and costs.  For many borrowers, the expenses associated with taking out a reverse mortgage are well worth it down the road. However, if you're only planning on remaining in your home for a couple more years, or you think you may need to move soon because of health issues, then a reverse mortgage may not be the right fit for you.


IF YOU ANSWERED MOSTLY "YES" to the questions above, you may be a great candidate for a reverse mortgage.

If you have any further questions, give Diane, the Reverse Mortgage Expert a call at 314-220-3918 or email fourquits@aol.com.

Sunday, June 29, 2014

Aging in Place

I help people age in place by helping them get the money and services they need. I even know where they can get FREE durable medical equipment. Did you know that in 2009 the government created the asset recovery act. If someone goes into a nursing home and cannot pay the government will put a lien on the property up to 100% of the value? I can who you how to save 50% of the asset against that lien. Let me know if I can help,

For more information
Call
314-220-3918