The National Retirement Risk Index (NRRI) showed that 51% of households are at risk of not being able to maintain their standard of living in retirement. According to the Center for Retirement Research at Boston College report, the NRRI jumped from 7% from last year due to:
Reverse Mortgages for Seniors in Hollywood and N Hollywood CA: As Medicare and Social Security Trust Funds Deteriorate, Now is the Time to Think Ahead!
From the New York Times: http://www.nytimes.com/2009/05/13/us/politics/13health.html?_r=2&hp
WASHINGTON — Even as Congress hunted for ways to finance a major expansion of health insurance coverage, the Obama administration reported Tuesday that the financial condition of the two largest federal benefit programs, Medicare and Social Security, had deteriorated, in part because of the recession.
Doug Mills/The New York Times
Treasury Secretary Timothy F. Geithner, with, from left, Michael J. Astrue, the Social Security administrator, Kathleen Sebelius, the Health and Human Services secretary, and Labor Secretary Hilda L. Solis, discussed the financial status of benefit programs.
Misconception #4
WHEN A REVERSE MORTGAGE COMES DUE, THE BANK SELLS THE HOME.
INCORRECT.
When the loan must be repaid, you or your heirs can either pay the balance due on the reverse mortgage and keep the home, or sell the home and use the proceeds to pay off the reverse mortgage.
How much will be owed when my [...]
MISCONCEPTION #3
THE BANK OWNS THE HOME AFTER YOU GET A REVERSE MORTGAGE.
INCORRECT.
You own your home and retain title throughout the life of the reverse mortgage. Once you permanently move out of your home or pass it to your estate, the loan must be repaid.
Am I required to receive counseling before I get a reverse mortgage?
Yes. [...]
Welcome to our new business blog!
Your reverse mortgage professionals, Philip Lipp and Ilene Fischer are a husband/wife team in business together since 1984. We are part of the sandwich generation – we have children at home and aging parents that need our assistance. We know first hand the many issues that seniors and their families face, both financial and personal. Every time we meet with a client, family member, or financial advisor, we bring our personal and professional expertise.
