If you look at the federally insured reverse mortgage one could say we have come full circle coming closer to the program’s original intent. What intent?Continue reading
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Reverse Mortgages Helping Seniors Maintain Their Vitality
Ellie Drake, a physician and the founder of BraveHeartWomen.com suggests older adults “Forget your age, be the sage!” She’s been meeting many women in their 50s, 60s and beyond who tell her they’re about to burst with an idea that is aching to be born through them, and Drake acknowledges the time has never been more ripe: seniors have gained “the experience and life lessons they require for the magnitude of their vision to come through.”
And a reverse mortgage may be precisely the vehicle to support the birth of this later life vision. Our sixties, seventies, even eighties and beyond are no longer a time to “retire and wait to die”; they are years of vibrant possibility.
For example: suppose a senior would like to age in place, yet lacks the social support that would make this option viable. One innovative solution might be sharing their home with a student or other young adult who can offer companionship, in addition to fulfilling some basic needs such as assistance with grocery shopping, cleaning or gardening. If the home requires modifications in order for the senior to remain there in safety and comfort, a reverse mortgage can help provide an income stream to enable these changes — as well as allow a companion to live there as a friend who helps enrich the senior’s life, rather than just a paying tenant.
Enrichment can also take the form of work or community contributions that add meaning and purpose to later life. While the majority of older people in good health don’t want to return to the workplace on a full time basis, they are often reluctant to give up the social interaction — and many would also like to put a lifetime of experience and knowledge to good use.
With these thoughts in mind, two avid fishermen put their heads and skills together and approached a sporting goods store manager, suggesting he hire the pair for one full time job, which they shared. The store personnel enjoyed having the elders there — and the fishermen already knew about all the equipment and the best fishing spots. Customers loved them, sales rose, and everyone was happy.
Creativity in all its forms is a key component to successful aging. Charlotte, a self-described “shrinking violet,” confronted her social fears following retirement in her mid-sixties and joined a community theatre. By her early seventies she was acting and singing publicly. Robert, 88, a retired government lawyer, tried his hand at photography and wound up producing an international photo series, traveling from Alaska to Tahiti.
Then there is ElderWisdomCircle.org, a virtual “Dear Abby” for the mature years: more than 600 advisors aged 60-105 offers free online guidance to anyone who writes to them.
Whatever a senior’s aspirations and expectations, a reverse mortgage can serve as an essential resource to help them remain as vital as possible, perhaps enabling them to tap an inner wellspring that has been ripening for decades, awaiting its full-blown expression later in life. As noted in a recent blog post on elder wisdom, it’s not how old you are, but how you are old, that matters most.
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 expensesContinue reading
Seniors who have retired from a satisfying career often find new life and new purpose serving in a volunteer capacity.Continue reading
Now The Street confirms what those close to retirement age already know: when it comes to retirement planning, older workers are under funded. Which makes a reverse mortgage an attractive option.Continue reading
We speak of furniture or photos having a “glossy finish”, but what about people? Are you preparing now to finish well?Continue reading
It’s a bleak outlook for today’s retiree but there is a silver lining…the reverse mortgage. It may be a solution for retirees without a pension…Continue reading
By Amara Rose
Aging in place. It’s a relatively new term for a very old concept: remaining in your own home as you grow older. Once upon a time, this wasn’t an issue. Continue reading
Part 2 (Your thoughts after…)
Last month (September 11th) brought the implementation of the Financial Interview Tool & Benefits Check Up (BCU) as part of HUD counseling for all reverse mortgage applicants.
Please give us your thoughts (positive or negative) on this new protocol and questions to be covered. We want your perceptions now that the protocol is in effect and you and your clients have had some experience with the new protocol.Continue reading