The new Home Equity Conversion Mortgage (“HECM”) is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them……
• Pay off your forward mortgage to reduce your monthly expenses.
• Re-model your home to accommodate aging limitations.
• Maintain a line of credit (that grows) for health emergencies and surprises.
• Cover monthly expenses and hold on to other assets while their value continues to grow.
• Cover monthly expenses and avoid selling assets at depressed values.
• Pay for health insurance during early retirement years until Medicare eligible at 65.
• Pay your Medicare Part B and Part D costs.
• Pay for your children’s or grandchildren’s college or professional education.
• Combine proceeds with the sale of one home to buy a new home without a forward mortgage and monthly mortgage payments.
• Pay for long-term care immediate needs
• Fill the gap in a retirement plan caused by lower than expected returns on your assets.
• Consider delaying collecting Social Security benefit until you reach 66 years of age, or until it maxes out at 70. (However, be thoughtful about delaying payouts until 70, as the cost of foregoing the early years of Social Security payouts, plus the costs of the HECM (and its associated risks) require that you live quite a bit longer than the average American to recoup the cost in future higher Social Security payouts. So get help and advise on this…..).
Would you like to learn more?
- Click here for eBrochures, eBooks, FAQs and Videos!
- If you would like to know how much you potentially qualify for, and whether you possibly have adequate monthly cash flow, go to the HECM WIZARD and input your information.
- If you would like to reach out and talk with me, fill out the information on Contact Me or email at st.john.bannon@JMCapGroup.com