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Solving Life's Next Chapter Podcast - Cutting Edge Information for Your Powerful Senior Years
Remember college shopping with your kids to find the best school for them?
Or, the other milestone of getting married and you had to find the place for your wedding and all the accoutrements?
Navigating the unknown is tricky, at first. So knowing the issues and milestones as you age and how to make good choices to address them for your aging parents or even for yourself is critical.
Have you shared how you want you want your golden years to look with your family? Does your family know what you want to happen when you are no longer here?
Do they know your wishes about your health care so they can help you in the best way possible if you are unable to tell them when that time comes?
What about your plans for living when you can no longer live alone?
Knowing these personal choices and the answers to these questions is a guessing game. Plus, just like paying for your dream wedding was a concern, so is paying for in-home help as you age. And moving to a home that offers assistance on the campus such as an assisted living community can also be pricy. What's involved in downsizing to a smaller home so that you can liquidate some equity to help pay for future services, such as caregivers? Or what kind of plan is needed to manage daily life if a family member receives a dementia diagnosis?
Did you know there are dozens of ways to answer these questions? There are!
But, which are YOUR best answers? Few of us ever thinks about managing aging issues, but the truth is, it happens to every person in every walk of life, every single day. There are 60,000 baby boomers turning 65 EVERY SINGLE DAY.
Listen to our Solving Life's Next Chapter Podcast and get to know me and my vetted, friendly guests who have answers we all need and ideas we can weigh as we age or as we help our parents age.
Let's Solve YOUR Life's Next Chapter together!
Solving Life's Next Chapter Podcast - Cutting Edge Information for Your Powerful Senior Years
Home Equity Conversion Mortgage (HECM) do you need it?
Did you know the HECM was put in place back in the Regan administration? At that time, they were called a Reverse Mortgage. Before you stop listening, these loans have some new rules in place to help 62+ years of age homeowners. Let's start by finding out what is a Home Equity Conversion Mortgage and when it is the best time to use them? This is a Mortgage that is insured. This loan is a nonrecourse loan, what does that mean? this means the insurance funds protects you from any debt against the home above the value of the home, this is an insurance policy that will not put you in a debt situation. If for some reason the value of the home drops below what is owed, the homeowner can stay in the home without payment.
Many Seniors are house rich and cash poor. What does this mean to many of my Senior clients? This means that the funds they need are in the home they live in. To age in place, our senior population needs to get the equity out of the home to pay for things like home healthcare or just subsidy their monthly income. One great strategy for my seniors has been to sell their large homes and buy a home using the HECM for purchase this way, they do not have a house payment and might get money in their pocket.
There are so many great strategies using the HECM, I invite you to listen in to hear what Ted and Aimee have to say about these strategies.
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