Reverse Mortgages Los Angeles California (CA) and North Hollywood

A New Kind of Loan for Seniors in North Hollywood, CA : In Reverse

Philip — Wed, 20 Jan 2010 04:30:21 +0000

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

• all at once, in a single lump sum of cash;

• as a regular monthly cash advance;

• as a “creditline” account that lets you decide when and how much of your available cash is paid to you; or

• as a combination of these payment methods.

No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

Other Home Loans

To qualify for most home loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don’t have to make monthly repayments. So you don’t need a minimum amount of income to qualify for a reverse mortgage. You could have no income and still be able to get a reverse mortgage.

With most home loans, you could lose your home if you don’t make your monthly payments. But with a reverse mortgage, there aren’t any monthly repayments to make. So you can’t lose your home by not making them. Most reverse mortgages require no repayment for as long as you—or any co-owner(s)—live in the home. So they differ from other home loans in these important ways:

• you don’t need an income to qualify for a reverse mortgage; and

• you don’t have to make monthly repayments on a reverse mortgage.

“Forward” Mortgages

You can see how a reverse mortgage works by comparing it to a “forward” mortgage — the kind you use to buy a home. Both types of mortgages create debt against your home. And both affect how much equity or ownership value you have in your home. But they do so in opposite ways.

“Debt” is the amount of money you owe a lender. It includes cash advances made to you or for your benefit, plus interest. “Home equity” means the value of your home (what it would sell for) minus any debt against it. For example, if your home is worth $150,000 and you still owe $30,000 on your mortgage, your home equity is $120,000.

Falling Debt, Rising Equity

When you purchased your home, you probably made a small down payment and borrowed the rest of the money you needed to buy it. Then you paid back your traditional “forward” mortgage loan every month over many years. During that time:

• your debt decreased; and

• your home equity increased.

As you made each repayment, the amount you owed (your debt or “loan balance”) grew smaller. But your ownership value (your “equity”) grew larger. If you eventually made a final mortgage payment, you then owed nothing, and your home equity equaled the value of your home. In short, your forward mortgage was a “falling debt, rising equity” type of deal.

Rising Debt, Falling Equity

Reverse mortgages have a different purpose than forward mortgages do. With a forward mortgage, you use your income to repay debt, and this builds up equity in your home. But with a reverse mortgage, you are taking the equity out in cash. So with a reverse mortgage:

• your debt increases; and

• your home equity decreases.

It’s just the opposite, or reverse, of a forward mortgage. With a reverse mortgage, the lender sends you cash, and you make no repayments. So the amount you owe (your debt) gets larger as you get more and more cash and more interest is added to your loan balance. As your debt grows, your equity shrinks, unless your home’s value is growing at a high rate.

When a reverse mortgage becomes due and payable, you may owe a lot of money and your equity may be very small. If you have the loan for a long time, or if your home’s value decreases, there may not be any equity left at the end of the loan.

In short, a reverse mortgage is a “rising debt, falling equity” type of deal. But that is exactly what informed reverse mortgage borrowers want: to “spend down” their home equity while they live in their homes, without having to make monthly loan repayments. There’s more about this important concept in an article called “A ‘Rising Debt’ Loan” in the Basics section of this site.

Exception

Reverse mortgages don’t always have rising debt and falling equity. For example, if a home’s value grows rapidly, your equity could increase over time. But most home values don’t grow at consistently high rates, so the majority of reverse mortgages end up being “rising debt, falling equity” loans.

AARP does not endorse any reverse mortgage lender or product.

Visit us at www.allwestmortgage.com if you would like more information from a Reverse Mortgage Specialist.

Growing Creditlines on Reverse Mortgages for Seniors in Los Angeles

Philip — Wed, 13 Jan 2010 14:56:10 +0000

Source: AARP Foundation Reverse Mortgage Education Project

The Home Equity Conversion Mortgage (HECM) program gives the most choices in how you can get your cash from a reverse mortgage. You can take all of your loan as:

* a single lump sum of cash; or as

* a “creditline” account of a specific dollar amount that you control; you decide when to make a cash withdrawal from this account and how much cash to withdraw; or as

* a monthly cash advance for a specific period of time, or a monthly advance for as long as you live in your home.

In addition, you can choose any combination of these options, and you can change your choices at any future time.

Loan Amounts

The amount of cash you can get depends on your age, current interest rates, and your home’s value. The older you are, the more cash you can get. If there is more than one owner, the age of the youngest owner is the one that counts. The lower interest rates are when the loan closes, the more money you can get. You can also get more money from a lender who charges lower loan fees.
In general, the more your house is worth (its appraised value), the more money you can get. But the value is subject to a limit of $625,500. If your home is worth more than $625,500, you are still eligible for a HECM loan. But the amount of money you can get is based on $625,500, not on your home’s actual value. For example, if your home is valued at $700,000, then the amount you can borrow is the same as it would be if your home were valued at $625,500.

The current home value limit of $625,500 went into effect on February 24, 2009, and will remain in effect until December 31, 2009. Congressional action during 2009 could extend this limit into 2010. If Congress doesn’t act on this matter, the limit would most likely revert back to the previous limit, which was $417,000.

The amount of money you can get from a HECM loan also depends on how you want it paid to you: lump sum, creditline, monthly advance, or some combination of these three types of cash advances.

For example, a 75-year-old borrower living in a $250,000 home getting a HECM loan at 7% expected interest could select:

* a lump sum or creditline of $135,484; or

* any combination of lump sum and creditline that totals $135,484, for example, a lump sum of $30,000 and a creditline of $105,484.

The Reverse Mortgage Calculators give you an estimate of HECM cash benefits based on your age, home value, and current interest rates.

Creditline Growth

Perhaps the most attractive HECM feature is that its creditline grows larger over time. This means that the amount of cash available to you increases until you withdraw all of it.

For example, if the creditline equals $100,000 and you withdraw $20,000, you would have $80,000 left. But if your next withdrawal is one year later, you would then have more than $80,000 left — because the $80,000 grows larger by the same total rate* being charged on your loan balance. If that rate were to equal 6% per year, for example, your available creditline one year later would be $84,800 (6% x $80,000 = $4,800).

So a growing HECM creditline can give you a lot more total cash than a creditline that does not grow. The HECM creditline grows larger every month until you withdraw the last of your money. The Reverse Mortgage Calculators can estimate how much cash would remain in a HECM versus a non-growing creditline.

HECM creditline growth means that taking a large lump sum of cash from a HECM and putting it into savings or most investments is not wise. If you did that, you would be charged interest on the full amount of the HECM lump sum. If you leave the money in the creditline, you avoid substantial interest charges. You also end up with more available cash, since your creditline grows larger at a greater rate than a savings account or safe investments are likely to grow.

*The rate at which a HECM creditline grows each month equals the current interest rate being charged on the loan plus one-half of one percentage point, divided by twelve. So if the interest rate this month is 5.5%, the creditline would grow by 0.5% (5.5% + 0.5% = 6%/12 = 0.5%). If you had a creditline of $80,000 at the start of the month, it would equal $80,400 at the end (0.5% X $80,000 = $400).

AARP does not endorse any reverse mortgage lender or product.

You can always visit me at www.allwestmortgage.com with questions or if you need more information on Reverse Mortgage!

In California, Remain Independent and In Your Home Longer

Philip — Mon, 04 Jan 2010 17:41:36 +0000

The National Council on Aging Reminds Us: Reverse Mortgages can be used by over 13 million Americans to Remain Independent and in Their Homes Longer

WASHINGTON — A study released by The National Council on the Aging (NCOA) shows that reverse mortgages can be used by over 13 million Americans to pay for long-term care expenses at home, allowing many to remain independent and in their homes longer.

“The study shows that reverse mortgages have significant potential to help many seniors pay for help at home or to make home modifications. It also points to the need for strong consumer safeguards and lower transaction costs if these loans are to appeal to the millions of older Americans who could potentially benefit,” said NCOA president and CEO James Firman.

According to the study, there are some 9.8 million elder households (aged 62 and older) that are dealing with an impairment that can make it hard to live at home. In total, these households could access as much as $695 billion through reverse mortgages. For individuals, the extra cash could go a long way to help with family caregiving and other long-term care expenses. For example, a borrower aged 75 years old with a home worth $100,000 could receive a reverse mortgage loan that could pay them $500 a month for almost 12 years.

“This is an important study that, for the first time, shows that elderly homeowners, many with chronic conditions, can use reverse mortgages to pay for care at home,” said Jim Knickman, vice president for Research at the Robert Wood Johnson Foundation. “We hope that these findings will prompt new thinking into how the nation addresses the challenge of financing long-term care.”

Reverse mortgages are loans that allow homeowners aged 62 and over to convert home equity into cash while living at home for as long as they want. Borrowers continue to own their homes, and do not need to make any monthly payments. Instead, they can choose to receive the funds as a lump sum, line of credit, or as monthly payments (for up to life). The loan comes due only when the last borrower moves out, dies or sells the home.

The “Use Your Home to Stay at Home: Expanding the Use of Reverse Mortgages to Pay for Long Term Care” report, funded by the Centers for Medicare and Medicaid Services and the Robert Wood Johnson Foundation, also shows how reverse mortgages can alleviate financial pressure not only for individuals and families, but also for state Medicaid programs and the federal government. Increasing the market for reverse mortgages could save Medicaid $3.3 billion (with a four percent take up rate) annually by 2010.

“Many seniors and their families can benefit from effective ways to pay for the long term care services they need, in the setting they prefer,” said Dr. Mark McClellan, administrator of the Centers for Medicare & Medicaid Services. “NCOA’s report shows that reverse mortgages can provide real help in financing long term care needs.”

However, there are several obstacles to their growth for this purpose. For example, the NCOA study shows that while two-thirds (67 percent) of older homeowners today have heard of a reverse mortgage, only 9 percent indicate that they are likely to use this financing option to pay for assistance at home. Many worry that they risk impoverishment, or won’t be able to leave a legacy to their children if they tap home equity. The cost of these loans, and current Medicaid policies on how reverse mortgages affect eligibility for long-term care benefits, also appear to be barriers.

“We need expanded public education, and additional work to explore how to reduce the cost of tapping home equity, to strengthen consumer protections, and promote innovation,” said Barbara Stucki, PhD, project manager for NCOA’s Use Your Home to Stay at Home project. “Overcoming these obstacles will mean that reverse mortgages can play an important role in helping many older Americans pay for the supportive services they need to continue to live at home safely and comfortably.”

According to Firman, NCOA will continue to play a leadership role in promoting the appropriate use of reverse mortgages to help pay for long term care at home.

Founded in 1950, The National Council on the Aging is a national network of organizations and individuals dedicated to improving the health and independence of older persons; and increasing their continuing contributions to communities, society, and future generations.; For more information on NCOA, visit www.ncoa.org.

A PowerPoint presentation further explains findings from the report.

The report is also available online.

Background

Reverse Mortgages for Long-Term Care
“Use Your Home to Stay at Home”™

Started in September 2003 by The National Council on the Aging (NCOA), the “Use Your Home to Stay at Home” project has developed a national blueprint for encouraging the use of reverse mortgages to help older Americans pay for long-term care services at home. Reverse mortgages are a special type of loan that allows people age 62 and older to convert equity in their home into cash while they continue to live at home for as long as they want.

Long-Term Care Costs and Home Equity

Currently, the costs of long-term care are primarily paid out of pocket by consumers or by Medicaid, the federal/state program designed to pay costs of health care for low-income individuals. In 2000, our nation spent $135 billion a year on long-term care for those age 65 and older, with the amount likely to double in next 30 years. Most of those dollars pay for care in skilled nursing facilities.

Recent studies show that older Americans, including those who have serious health problems and need long-term care, want to live at home rather than in an institution. Most elders (82 percent of those age 62 and older) own their homes and 74 percent of those own them free and clear. With over $2 trillion tied up in home equity, this financial resource has the potential to dramatically increase the ability of seniors to pay for long-term care at home. Reverse mortgages can free up needed cash while enabling seniors to continue to own their home.

Of the nearly 28 million American households age 62 and older, NCOA has found that almost half (48 percent), or about 13.2 million, are good candidates for a reverse mortgage. The amount that these older households could receive from a reverse mortgage is substantial – on average $72,128. These funds can go a long way to pay for help at home and for retrofitting the home to make it safer and more comfortable. For some, they could be used to purchase long-term care insurance if they qualify. In total, an estimated $953 billion could be available from reverse mortgages for immediate long-term care needs and to promote aging in place.

For many older families, home equity is their single, biggest financial asset. Unlocking these substantial resources can help empower “house rich, cash poor” seniors by giving them additional resources to purchase the services they feel best suit their needs. The use of private funds from reverse mortgages can also strengthen community long-term care programs and reduce the burden on state Medicaid budgets.

Funders

The “Use Your Home to Stay at Home”™ project is funded by the Centers for Medicare and Medicaid Services, the federal agency that operates Medicare and Medicaid, and the Robert Wood Johnson Foundation.

Program Management

James P. Firman, Ed. D., NCOA president and CEO
Jay Greenberg, Sc.D, executive vice president
Barbara Stucki, Ph.D., project manager

Headquarters

The National Council on the Aging
300 D Street SW Suite 801
Washington, DC 20024
(202) 479-1200
(202) 479-0735

About NCOA

Founded in 1950, The National Council on the Aging is a national voluntary network of organizations and individuals dedicated to improving the health and independence of older persons; increasing their continuing contributions to communities, society, and future generations. NCOA is a national voice and powerful advocate for public policies, societal attitudes, and business practices that promote vital aging. NCOA is an innovator, developing new knowledge, testing creative ideas, and translating research into effective programs and services that help community service organizations serve seniors in hundreds of communities. And, NCOA is an activator, turning creative ideas into programs and services that help community services organizations serve seniors in hundreds of communities. For more information on NCOA, visit www.ncoa.org.

Please visit me at www.allwestmortgage.com if you have any questions or need more information regarding a Reverse Mortgage.

Reverse Mortgage Counseling For Seniors in Los Angeles

Philip — Wed, 30 Dec 2009 15:31:59 +0000

For article source, Click Here
By Troy Shellhammer

What is a Reverse Mortgage?

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the current equity in his or her home into a lump sum cash payout, monthly payments, or a credit line. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no monthly payments are required. Also, repayment is not required until the borrower(s) no longer use the home as their permanent residence. HUD and FHA teamed to build a Reverse Mortgage call the HECM, which stands for the Home Equity Conversion Mortgage. This reverse mortgage provides many benefits, and it is federally insured as well. One major benefit and requirement of the HECM is to utilize a Reverse Mortgage Counselor.

Am I required to receive counseling before I get a reverse mortgage?

Yes. Counseling, one of the safeguards of reverse mortgages and is required for all three current reverse mortgage products before you can obtain a loan. A Reverse Mortgage Counseling is a third party educational counseling session that requires no cost and either can be completed over the phone or at their location. A Reverse Mortgage Lender would be able to provide a list of HUD Counselors in your area. The counselor will make sure you understand the complete process and is used for your protection. Reverse Mortgage Counseling is a benefit for the borrower but is also a requirement. A normal counseling session will last anywhere from 25 minutes to 2 hours depending on the questions you might have. Also it is important that once you schedule your appointment, make sure you bring the necessary documentation that the counselor requests. This will reduce time and help speed up the reverse mortgage loan process.

Remember your Reverse Mortgage Lender or Loan Officer will also assist with helping you setup your counseling session.

Two important Reverse Mortgage Counseling Numbers are:

Fannie Mae’s Homepath Server (1-800-732-6643)

HUD’s Housing Clearinghouse (1-888-466-3487)

Or visit us at www.allwestmortgage.com for more information from a Reverse Mortgage Expert!

Types of Reverse Mortgage for Seniors in Los Angeles

Philip — Fri, 25 Dec 2009 16:14:05 +0000

Reverse Mortgage Types

For article source, click here

By Dennis Estrada

The reverse mortgage helps the seniors over sixty two years old to use the equity of the home to supplement an existing income. Reverse mortgage is loan advance to the home without repayment unless the owner moves, dies, or sells the home.

In the United Kingdom, reverse mortgage is more common as lifetime mortgage. Hence, the owner never needs to repay as long as the owner lives in the home. The reverse mortgage lenders distribute the cash as lump sum, regular payment, credit line, or combinations.

In the United States, the basic types of reverse mortgage are single purpose reverse mortgage, federally insured reverse mortgage, and proprietary reverse mortgage. There may be more types in different countries, but the main idea is very similar.

Single Purpose Reverse Mortgage

The government agencies and non profit organizations offer this type of reverse mortgage. It is generally low costs. Although the government agencies may be local or state, the mortgage is available in a few locations only. The purpose of reverse mortgage is specific such as home repair, home improvements, and property taxes. And, the owner earns low or moderate income.

Federally Insured Reverse Mortgage

The U.S. Department of Housing and Urban Development (HUD) backs this type of reverse mortgage. This type is more commonly known as Home Equity Conversion Mortgages (HECM). The upfront costs are high especially if the owner stays in short period of time. So, this reverse mortgage is costlier than Single Purpose Reverse Mortgage.

It is the opposite of Single Purpose Reverse Mortgage in which the reverse mortgage loan can be used in any purpose. And, the mortgage are widely available anywhere. There are also no income or medical requirements.

Proprietary Reverse Mortgage

The private companies backed or owned this type of reverse mortgage. It is generally the most expensive type of reverse mortgage. However, the owner may get more than other types of reverse mortgage. Generally, it works the same way as the Federally Insured Reverse Mortgage.

For questions or more information regarding Reverse Mortgages, please click here!

Monthly Loan Advances on Reverse Mortgages for Seniors in Los Angeles

Philip — Tue, 15 Dec 2009 21:55:58 +0000

Monthly Loan Advances on Reverse Mortgages for Seniors in Los Angeles

The Home Equity Conversion Mortgage (HECM) program can send you a reverse mortgage loan advance every month. But the amount of this cash payment to you doesn’t change over time, so it buys less in the future as prices increase with inflation.

You can choose to have monthly HECM advances paid to you:

• for a specific number of years that you select (a “term” plan); or

• for as long as you live in your home (a “tenure” plan).

A term plan gives you more money each month than a tenure plan does. The shorter the term, the bigger the advances can be. But the advances only run for the amount of time you choose. While you don’t have to repay the loan when the term ends, you don’t receive monthly checks past the end of the time you select.

Monthly Advance Examples

The HECM program lets you combine a monthly advance with creditline, a lump sum of cash at closing, or some of each. This table shows some of the combinations that could be selected by a 75-year-old Jane Simler living in a $250,000 home with a loan at 7% expected interest, a $35 monthly servicing fee, closing costs of $2,500, and the maximum origination fee allowed by HUD.

For example, if Jane selects a $25,000 lump sum and a $50,000 creditline, she also could get any one of the following: a monthly advance of $440 for as long as she lives in her home, $557 each month for 15 years, $713 each month for 10 years, or $1,204 monthly for 5 years. This table shows:

• if you take more money as a lump sum or creditline, the monthly advances are smaller; and

• if you select a shorter term of monthly advances, the amount of each advance is bigger.

Monthly Advances Only

The problem? Putting all of your loan funds into a monthly advance reduces your financial flexibility, especially if you don’t have much in savings. Remember, monthly advances are fixed. So their purchasing power decreases with inflation.

Adding a growing creditline to your monthly advance gives you a hedge against rising prices and gives you ready cash for unexpected expenses. If you are interested in a monthly advance, it’s usually a good idea to add a creditline as well.

On the other hand, for a $20 fee, you can change your payment plan at any time. For example, you could add a creditline to a monthly advance, although this would reduce the amount of the monthly advance. You could also convert part or all of a creditline into a monthly advance.

AARP does not endorse any reverse mortgage lender or product.

Visit us at www.allwestmortgage.com for a Reverse Mortgage Expert in your area!

A New Kind of Loan for Seniors in Los Angeles: In Reverse

Philip — Tue, 08 Dec 2009 16:01:04 +0000

• all at once, in a single lump sum of cash;

• as a regular monthly cash advance;

• as a “creditline” account that lets you decide when and how much of your available cash is paid to you; or

• as a combination of these payment methods.

Other Home Loans

• you don’t need an income to qualify for a reverse mortgage; and

• you don’t have to make monthly repayments on a reverse mortgage.

“Forward” Mortgages

Falling Debt, Rising Equity

• your debt decreased; and

• your home equity increased.

Rising Debt, Falling Equity

• your debt increases; and

• your home equity decreases.

Exception

AARP does not endorse any reverse mortgage lender or product.

Visit us at www.allwestmortgage.com for more information from a Reverse Mortgage Specialist!

Does Your Retirement Plan in Los Angeles Cover Health Care Issues?

Philip — Thu, 03 Dec 2009 18:46:18 +0000

Does Your Retirement Plan in Los Angeles Cover Health Care Issues?

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By Anna Banks

One of the most essential and basic questions of retirement planning, is the one that is unfortunately also the most ignored: does your retirement plan cover health care issues? It is important to start thinking about health care issues as you begin planning for your retirement needs. Always remember that planning ahead will protect you and your family from the possibility of having to pay considerable health care costs, or worse, being unable to afford health care or long term care when you need it.

Always take the necessary steps to protect your financial future as well as to plan ahead for your health care needs. As a generality however, most people do not pay enough attention to this very important aspect of life planning. A large number of people, pre-retirees as well as retirees, readily agree that health is one of the most important issues in retirement. However, almost no one really spends enough time actually planning for health issues in retirement. Most pre-retirees do undertake some kind of planning for the financial aspects of retirement, but seem to neglect understanding and planning for health benefits options.

Planning for medical issues during retirement takes more than just planning the financial details. It would, in fact, involve reevaluating your routine and budget, exploring the health care options, and researching Health Savings Accounts, long term care options and life insurance options. Even though most pre-retirees are willing to pay for prescription drugs and doctor’s visits during their retirement, they seem to have a very unrealistic view of what it will cost. Most people anticipate costs to be less than $300 a month for health care-related expenses whereas, in reality, the average retiree actually spends around $640 a month.

In short, most Americans are confused about health benefits and do not really plan for a healthy retirement as well as a financially stable one. Most people don’t even have a realistic idea of how much money they spend on essentials each year. To help people like that, many websites offer a health expense calculator that estimates your annual health expenses, including all your medical costs, dental costs, ophthalmology costs, and the total amount spent on prescriptions, for the entire family. These calculators can help you to understand how much money you would need, to meet all your medical expenses.

They are, in fact, invaluable tools in planning health benefits and financial needs after retirement. Having a retirement plan that covers health care issues is vital. The risks of both heart disease and diabetes increase as we age. This is another reason why planning for retirement should include a sensible diet, exercise, and active control measures against any chronic illness.

Research and gaining updated information would be an important step in making the right decisions for a healthy post retirement lifestyle. There is also a major financial incentive, for retirees to try to stay healthy – economics. A healthy lifestyle and healthy habits developed now will be helpful in protecting your financial well being after retirement.

For questions or information from a Reverse Mortgage Specialist, please click here.

Ten Ways to Redefine Yourself for Retirement – Shifting Gears to Successful Retirement in Los Angeles CA

Philip — Sat, 28 Nov 2009 15:31:13 +0000

Ten Ways to Redefine Yourself for Retirement – Shifting Gears to Successful Retirement

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By Cynthia Barnett

If you’re like most folks, you have your doubts about retiring. On one hand you may be elated. On the other hand, you may be a bit frustrated because you have no idea what the future entails. We’ll, we’re here to tell you that shifting gears from a working professional to a successful retiree can be easy. In fact, we consider it like simply shifting gears to a different lifestyle and being open to redefining yourselves. It is not about giving up. It is about undergoing a career transformation, maintaining your professional and personal identity and taking control of your life. It is about being productive, not losing touch with that inner you that makes you special.

In this article, we’ll discuss ten proven ways that you can use to redefine yourself and transition into the initial phase of retirement. These ten tips will help you adapt positively to your post-retirement years and are as follows:

1. Partial disengagement – In order to transition smoothly, you must partially disengage yourself from your full time working life. This isn’t to say that you must go cold turkey. Instead, you have to develop a different mindset that retirement, although a time for change, is a period of new growth and a time for self fulfillment. At this point, many go from full time to part time and some go from full time to no work at all. Trust your instincts and go with what you feel works for you.

2. Changing our image – You must change your internal image about what your career means. After all, don’t focus on ‘What am I to do now that I’m retired?” instead think “What will I become once I’m refocused and retired?” Therefore, you have to change your perception and realize that you can succeed as a retiree if you believe that you can.

3. Appreciating ourselves – Remember that you’re a unique individual and you need to celebrate this fact, every single day! Your personal worth is far beyond the work you did in the past. You have so much to give and contribute to the world and retirement is the perfect time to let your “inner light shine” and let this light shine as far as you can see.

4. Staying connected – You should be committed to interacting with people with whom you have a common interest. Finding such people can be done by improving your social life to include more people, places and things. Make it a point to get to know people with similar interests as yours. Join clubs and groups, participate in activities, and have a great time.

5. Remain active – Do not think of retirement as only a period of rest and relaxation. Times have changed, and so has the concept of retirement. Being inactive is “OK” if this is all that you want to do. This is about you. Some people take a period of a few months to a year to just cool out and relax before moving on into a more active life. Whether you decide to be “active” or “inactive” and how long, it is totally up to you. You know yourself better than anyone else and you must do whatever makes you happy.

6. Consider your options– Consider your many available options. Whether you ‘ease’ into retirement, take a course at a college, or work some part time job or pursue a volunteer position, do what you want to do and let no one tell you what you need to do while in retirement. This is your personal time and you are in control of your life.

7. Increase our knowledge – There is no end to educating yourselves. As long as you’ve got breath in your body, you should increase your knowledge base. After all, learning is a lifelong process and there are many things that you can do to increase your knowledge and in the process share your knowledge with others. For instance, you can learn computers. You can learn how they operate, how to fix them, and many other things. The possibilities are endless.

8. Explore Your Dreams – Retirement is a perfect time to fulfill your dreams, especially now that you have some time to devote primarily to your needs. Take some time and really think about what you want to accomplish in life and then make those dreams a reality!

9. Join a Cause – Retirement does not mean that you are worthless. To derive a feeling of self worth and fulfillment, commit yourself to a worthy cause that you truly believe in. For instance, you might chose to help people become aware of the devastation of HIV or breast cancer.

10. Maintaining youthful attitude – Retirement from a job does not mean that you give up everything and retire to ‘watering plants’. Just because you are s0 does not mean you have to act your age! It is the attitude that counts.

Redefining yourself after retirement is not as difficult as you might imagine. By maintaining a youthful attitude, joining a cause, exploring your dreams, increasing your knowledge, considering your options, remaining active, staying connected, appreciating ourselves, changing your image and partially disengaging from work force, you can redefine yourself.

For questions or more information regarding Reverse Mortgages click here

Ways to Redefine Your Retirement in Los Angeles, California

Philip — Sun, 22 Nov 2009 23:28:32 +0000

Ten Ways to Redefine Yourself for Retirement – Shifting Gears to Successful Retirement

http://seniordailyliving.com/Articles/PersonalFinance/TenWays.html

By Cynthia Barnett

Visit us at www.allwestmortgage.com to see if a reverse mortgage can help with your retirement plan!