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How to Retire House-Happy

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You may be familiar with the axiom, “In youth, we spend our health to make money; in our later years, we spend our money to regain our health.” While workaholism has certainly taken a financial toll on some aging Boomers, the larger monetary issues revolve around profligate spending. Many speak of losing a huge chunk of investments in the stock market crash, living off credit cards, taking early withdrawal from pension funds for living expenses — or simply never saving at all.

By far the most egregious error, however, involves real estate: in one case selling a dream home for a job relocation, in another purchasing a “fixer-upper” that proved to be a cash drain.

In none of these scenarios is there any mention of how a home itself can support Boomers in their later years. Even financial guru Stan Hinden, author of How to Retire Happy, doesn’t mention home equity conversion mortgage as a viable option for retirees to fund their silver years. So it appears education is still critical in order for today’s seniors and soon-to-be-seniors to enjoy a more secure retirement.

As a reverse mortgage professional, you’re ideally positioned to expand this awareness of senior options. You might:

  • Offer to give a talk about the benefits of reverse mortgage at a local Senior Center, Rotary Club, Lions Club, or Commonwealth Club;
  • Prepare a basic HECM fact sheet as a hand-out or leave-behind piece for seniors who attend a talk or visit your office;
  • Keep alert to opportunities, such as when volunteering to help seniors, to suggest people explore how their house can help support them financially later in life.

Even people who’ve made a financial misstep or two along life’s road (which includes the majority of us) can look forward to greater financial security if they own a home that has significant accrued equity. They just need to discover how to retire house-happy.

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6 Comments

  1. Perfect input Amara, as your usual. Let the RM LOs recommit to helping seniors and the rest will follow. Take the step — lead with a right. This is a right. Thanks for kicking me in the butt, again (and I’ve been a senior for some years now — the message is always the same — give and you shall receive.)

  2. Warren,

    What a sweet message for a busy post-holiday morning! Thanks for taking the time to read and respond. We all need to be reminded on a regular basis of the essential steps to take, both in work and in life, to keep moving forward in the most positive, productive way 🙂

    If you missed Avoiding Ostrich Syndrome from last week, it’s a good companion piece to the above, for both seniors and LOs: https://www.hecmworld.com/reverse-mortgage-news/retirement-denial-planning-career-planning

  3. Very good message it needs to be sent to all your senior clients who are fence sitters.
    As a 79 year old senior who got a reverse mortgage 10 years ago it was a big help in our retirement.

  4. Hello James ~

    Thanks so much for writing! It’s gratifying to see a senior who’s not a reverse mortgage professional reading this blog. We’re all delighted to know how the HECM has helped in your retirement!

    Blessings,
    Amara

  5. Simply put, another great piece of writing. I am in the process of doing some of those things your mentioned. All great ideas…and better yet, they WORK !!

  6. Hi Tommy ~

    Thank you so much! Your comment made my morning!


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