Here’s What Retirement Looks Like in America in Six Charts

Many Americans are worried about their retirement prospects. You might even be one of them. But could you have more money than you think saved for retirement?

There’s a lot of bad information out there about reverse mortgages. Here are the most common myths, plus costs and what the application process looks like to find out if you qualify.

Talking to your parents about their finances isn't as difficult as it might seem. That's because there are several ways to start the conversation. Here are 10 tried and true approaches.

What are older homeowners living on a meager income to do about credit card debt and rising inflation?

While we cannot stop inflation we can find a creative means to help curtail its impacts. Inflation is here and it is real. Now, what are you going to do to deal with it? What’s your plan? Are you willing to reduce your standard of living?

What is Home Equity? Home equity is the difference between the balance on your mortgage and your home’s current market value. For example, if you owe $90,000 on your home loan and your property is worth $350,000, your home has $260,000 of equity.

Staying in your own home as you grow older offers many benefits. For most, it means a stronger sense of safety, comfort, and independence, and it also affords you more privacy. Though the renovation costs may be high, aging in place can often be cheaper than an assisted living facility would be — especially if you plan ahead.

For baby boomers who manage their own nest eggs, a risk is looming that has nothing to do with stock prices or interest rates. The risk is cognitive decline, which can rob them of their judgment, often without much warning. One big mistake—or a series of smaller ones—can go unnoticed by loved ones, and potentially ravage a lifetime of hard-earned savings.

Today’s housing market is red-hot. HOWEVER, as housing inventory loosens once unavoidable foreclosures hit the market, and the Fed raises interest rates in an attempt to avoid excessive inflation older homeowners could find they no longer qualify for or desire a reverse mortgage.

Can one vaccinate themselves against retirement financial shocks? How an ounce of prevention is worth a pound of cure.

Reverse Mortgages Are An Excellent Hedge Against Property Value Risk – Especially Now. With home values at historic highs and base interest rates below one-percent now is the time for older homeowners to consider securing their home’s value with a reverse mortgage.

Are Any of Your Clients in Danger of Depleting Their Retirement Savings Account? More financial planners are giving reverse mortgages a serious look as the coronavirus pandemic wreaks havoc with retirees portfolios.