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For many people, a Reverse Home Mortgage is a good way to increase their financial profile in retirement – positively affecting their quality of life. And while there are numerous benefits to the product, there are also some drawbacks.
Reverse Mortgages are providing improved financial security, a better lifestyle and real financial relief to thousands of older Americans. However, there are some disadvantages.
The upfront fees (closing and insurance costs and origination fees) for a Reverse Mortgage are considered by many to be somewhat high – marginally higher than the costs charged for refinancing for example. However, the fees are financed by the Reverse Mortgage itself so nothing is paid out of pocket. Furthermore, recent changes to the HECM Reverse Mortgage reduced some of the fees.
For more information on the fees charged on Reverse Mortgages, consult the Reverse Mortgage rates and fees article.
Also, if fees concern you, try talking to multiple Reverse Mortgage lenders – you may find a better deal from one over another.
There are no monthly payments on a Reverse Mortgage. As such, the loan amount – the amount you will eventually have to pay back — grows larger over time. Every month, the amount of interest you will eventually owe increases – it accumulates. However, the amount you owe on the loan will never exceed the value of the home when the loan becomes due.
Most Reverse Mortgage borrowers appreciate that you don’t have to make monthly payments and that all interest and fees are financed into the loan. These features can be seen as disadvantages, but they are also huge advantages for those who want to stay in their home and improve their immediate finances.
Not Enough Cash Can Be Tapped:
If you have a lot of home equity, you might be frustrated that a Reverse Mortgage only enables you to use some of it. The HECM loan limit is currently set at $625,500. However, your actual loan amount is determined by a calculation that uses the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.
A Reverse Mortgage is a mortgage in reverse – that can be hard to get your head around. With a traditional mortgage you borrow money up front and pay down the loan down over time. A Reverse Mortgage is the opposite – you accumulate the loan over time and pay it all back when you are no longer living in the home.
The basics of Reverse Mortgages can seem so foreign to people that it has actually taken many financial advisors and personal finance gurus some time to understand the product. Many experts shunned the product early on thinking that it was a bad deal for seniors – but as they have learned about the details of Reverse Mortgages, experts are now embracing it as a valuable financial planning tool.
The main advantage of Reverse Mortgages is that you can eliminate your traditional mortgage payments and/or access your home equity while still owning and living in your home. Given the right set of circumstances, a Reverse Mortgage can be an ideal way to increase your spending power and financial security in retirement.
Key advantages and benefits of Reverse Mortgages include:
Stay in Your Home and Improve Your Immediate Finances:
The key to a Reverse Mortgage is that it enables you to live in your home for as long as you want with absolutely no monthly mortgage payments and – in many cases – you can also get access to money to use for any purpose.
The Reverse Mortgage is a tremendously flexible product that can be utilized in a variety of ways for a variety of different types of borrowers. Households who have a financial need can tailor the product to de stress their finances. Households with adequate resources might consider the product as a financial planning tool.
Low Risk of Default:
Unlike a home equity loan, with a Reverse Home Mortgage your home can not be taken from you for reasons of non-payment – there are no payments on the loan until you permanently leave the home. However, you must continue to pay for upkeep and taxes and insurance on your home. (Furthermore, you may be subject to foreclosure if you live somewhere other than the home longer than allowed by the loan agreement.)
The Reverse Mortgage Lenders have no claim on your income or other assets.
With a Reverse Mortgage you will never owe more than your home’s value at the time the loan is repaid, even if the Reverse Mortgage lenders have paid you more money than the value of the home. This is a particularly useful advantage if you secure a Reverse Mortgage and then home price declines.
As a Reverse Mortgage is a loan, the money from it is typically tax-free, whether you receive it as fixed income or in a lump sum.
How you use the funds from a Reverse Mortgage is up to you – go traveling, get a hearing aid, purchase long term care insurance, pay for your children’s college education, or simply leave it sitting for a rainy day – anything goes.
Flexible Payment Options:
Depending on the type of loan you choose, you can receive the Reverse Mortgage loan money in the form of a lump sum, annuity, credit line or some combination of the above.
With a Reverse Mortgage, you retain home ownership and the ability to live in your home. As such you are still required to keep up insurance, property taxes and maintenance for your home.
Guaranteed Place to Live:
You can live in your home for as long as you want when you secure a Reverse Mortgage.
The Home Equity Conversion Mortgages (HECM) is the most widely available Reverse Mortgage. It is managed by the Department of Housing and Urban Affairs and is federally insured. This is important since even if your Reverse Mortgage lender defaults, you’ll still receive your payments.
Can Increase Your Wealth:
Depending on your circumstances, there are a variety of ways that a Reverse Mortgage can increase your wealth.
Some financial planners are recommending Reverse Mortgages to:
Preserve and increase the value of your home equity: If you take your loan amount as a Home Equity Line of Credit, then this money accrues interest – the bank pays you interest. This locks in a portion of the value of your home equity and might grow it faster or more certainly than increasing real estate values.
Personal finance can be complicated. You want to maximize returns and minimize losses. A Reverse Mortgage can be one of the levers you use to maximize your overall wealth.
While the following are not strictly disadvantages, it is important to remember that a Reverse Mortgage may not be for everyone, consider the following:
Beware if You are Eligible for Low-Income Assistance:
If you are currently or will be eligible to receive low-income assistance from the Federal or State government (like Medicaid), you will want to be careful that income from a Reverse Mortgage does not disqualify you from that assistance. (NOTE: Social Security and Medicare are not impacted by a Reverse Mortgage.)
Reconsider if You Are Planning to Move in the Near Term:
Since a Reverse Home Mortgage loan is due if your home is no longer your primary residence and the up front closing costs are typically higher than other loans, it is not a good tool for those than plan to move soon to another residence.
Evaluate if You are Willing to Reduce Your Heirs Inheritance:
Many people dismiss a Reverse Mortgage as a retirement option because they want to be sure their home goes to their heirs. And it is true, a Reverse Mortgage decreases your home equity – affecting your estate. However, you can still leave your home to your heirs and they will have the option of keeping the home and refinancing or paying off the mortgage or selling the home if the home is worth more than the amount owed on it. There are numerous potential Estate and Retirement Planning benefits to a Reverse Mortgage – see Innovative Uses of a Reverse Mortgage for more information on these options.
I hope someone has been helped by this article.
Instantly estimate your Reverse Mortgage loan amount with the Reverse Mortgage Calculator.
Free Automated Online Retirement Planning at newretirement.com
Some Tips And Tricks For Your Next Fishing Trip.
Do you feel like if you caught fish from time to time, you could be saving a little money?
Well then, look no further, because the tips in this article can help you get started with recreational fishing and you can learn how to become successful at fishing. When you are fishing, make sure that you use live fishing bait instead of artificial. This will give you the best chance to catch the highest quantity of fish during your trip. Live bait will not only look like the real thing, but will smell real to the fish in the water. Be sure to understand the habits and customs of the fish you are trying to catch.
If you are fishing for a night creature at noon, then you are unlikely to have much success. This is also true of the types of bait you are using in order for your catch.
Whenever fishing on a river or lake, casting towards the shore is often a great way to catch fish. Fish like shallow waters, as they’re easier to find food in, so you’re more likely to get a bite there as well. Don’t catch the weeds, though!
To improve your success while fishing, avoid “hot spots” or busy fishing locales. You are more likely to catch fish in waters that haven’t been stirred up by other boats. If you must fish near others, use a different type or different color of bait to make your offer more appealing.
Watch your manners.
Although it isn’t directly related to fishing, it is a rule for all sports persons of any type – avoid littering. Just as you enjoy being in the great outdoors, there are many other people who get away from stress by relaxing in a clean, natural outdoor environment. Remember this before throwing your can in the water.
When using live bait to fish with, be sure that you bring a variety of bait. Certain fish prefer one kind of bait, while another fish may prefer another. You may want to visit a bait shop that offers a number of different bait prior to going on your fishing adventure. If you are just starting out with fishing, don’t overload your tackle box. You can find millions of different types of bait and pieces of equipment in the fishing supply store. Though they all serve a purpose, you don’t necessarily need every piece.
Start with a handful of different types of bait and a few different sized hooks and weights. You can always add more later once you have fine tuned your list of necessary products.
It can be difficult to mute the sounds of a small metal boat as you try to fish, eat, and relax. One great way to muffle some of the noise is to place a small, cheap rug or carpet on the floor of your boat. Doing this minimizes the sounds you make.
When using artificial bait, occasionally change the color you are using. This idea can be very helpful when you have been fishing for a long time without a bite. If your bait is unusually bright or a unique color, it may pique the fishes’ curiosity enough for them to take it.
Learn what the fishing laws of the location are that you will be fishing in. In some areas, fishing may be prohibited in certain bodies of water, or the use of certain kinds of bait may be forbidden. Contact your local government if you are not sure.
A dull hook can be a fisherman’s worst enemy, a sharp hook, his best friend. If not, fish will not be attracted to the bait and you will not catch anything. Before you set out to go fishing, ensure that all of your hooks are sharpened or replaced; this will save you a great deal of time.
Now that you understand some of the ways it takes to be successful at fishing, you should feel more confident when going out to fish. Just remember that there is more information than what is in this article, so be sure to always be on the lookout for new things to learn.
Enjoy your day of fishing and good luck!
P.S. Want to learn something about fly fishing? Just click here!
Well the actual selling of the boat may take some extra time, it’s the end of the season and at this point in time there are a lot of boats for sale. I actually put the boat for sale on Craigslist and it’s been out there for four days. We’ve gotten four unique hits and one repeat look.
That’s not too bad for starters and I think we will have some takers in the future.
I’m already missing the use of the boat and the future. I’ll really miss the convenience of having a boat on the water so that it can be used at any time. When I was younger and was able to handle the boat myself, I could go down during the week and use the boat. It was pretty neat to be able go down with somebody and take the boat out to go fishing. At this point in time, I can’t do that anymore.
I like to fish when I don’t have to worry about getting a lot of tangles with other fishermen on a party boat. Fishing a party boat can be frustrating when you have a lot of people who don’t really know how to fish. I guess that’s the price you have to pay when you don’t have your own boat. Just a thought of being able to fish without any tangles for the day is in itself gratifying.
Like all things in life, some of the things have to be cut short. I remember when my daughter called and wanted me to look at the first boat we finally wound up buying. It may have started as a look but wound up as the paying half of the cost of the boat. I became a partner in the ownership of our first fishing boat.
The first boat was a 1978 Aquasport 222 I/O with a cuddy cabin which was a very good boat. We use that boat for 8 years going out of Mystic Island into GreatBay and the Atlantic Ocean. When we started having motor problems and it would cost more to replace the motor and out drive then the boat was worth, we gave it to a person who wanted for his own use.
Our next boat was a 26 foot Penn Yan with inboard motor. We use that boat at from LankaHarbor to go out on BarnegatBay and through Barnegat Inlet to the Atlantic Ocean. That boat was good for about three years when we couldn’t get a carburetor that would work on it. I sold the boat on eBay within two months. The person that bought the boat basically wanted to sit at the dock and party on it, so he would never have to move the boat out on the water. It was a cheap way to try and impress his friend’s.
That’s when we decided to buy a new boat rather than a used. After seeing the Sea Fox boats at the Atlantic City boat show we decided to buy the 257 WA model. The boat was affordable and it had a lot of amenities which we couldn’t afford on other books. This boat is primarily an entry level model with a lot of goodies.
We started using the boat at Lenoka Harbor Marina, but then we moved to Shark River Yacht Club where we stayed for four years. Ahen moved to Monmouth Cove Marina where we are now.
The problem we had at SharkRiver was that basically we had to fish the Atlantic Ocean. It’s not that the ocean was bad, but you didn’t have as many good days out there fishing. That’s the basic reason we moved to Monmouth Cove Marina, it allows us to fish RaritanBay or the Atlantic Ocean.
When the weather is bad a lot of times you have a choice. There are many protected areas either on the bay or the ocean to fish. So you can see we had many more opportunities the fish in this area.
We moved the boat back to Mystic Island again after the kids bought a Sandy Storm fixer upper. I,m just getting too old to be part of the boat scene and it’s time to sell it.
That’s why I’m putting the boat up for sale. Hopefully someone will buy and make good use of it.
It can take a look at it on my website at:
P.S. It’s a good mid-range boat.
Hi out there!
For those who don’t know me, I like to fish and for the last twenty years I’ve owned about in a partnership with my middle daughter and her husband.
Last Saturday we were out on the ocean fishing and my daughter told me they wanted to sell the boat. I,m okay with that. We just haven’t had the time to use the boat as much as we have in the past, so it’s not surprising that they made that decision.
I can’t maneuver the boat any more, so I’m the guest on our trips. When we catch fish it’s my job to clean and filet them while they clean the boat. Not being able to use the boat during the week anymore has put the damper on enjoying it.
The boat is always ready to go and it has a lot of good stuff on it that can be used to go out to between 40 and 50 miles. It has the range to get out where the Blue fin tuna are, but given the limitations that I have begun to acquire, we don’t travel to those fishing grounds.
When I first bought the boat, we had it equipped with twin 150 hp Optimax outboard engines with the “Smart Instrument ” option. What the smart package does is keep track of all your engine information. If you want to know what your fuel use is, oil or gas levels, engine hours, distance traveled and etc.
There’s a bunch of other stuff like setting a slow trolling speed if you’re trolling for striped bass and if you have a problem develop with a motor, it will automatically turn it off. Yeah there’s a lot more, but the manual explains it all.
Something else we did was have all the electronics integrated. The radar, chart plotter, fish-finder and VHF radio share the same information as the chart plotter. The VHF radio has a button that will send out a distress call with your boat identification and your location, really neat, huh!
We got a ball and ring setup to help pull up the anchor when we anchor up for some ground fishing and we got a drag chute to slow us down when the wind is blowing hard and we’re drifting too fast.
These are the kind of things that we equipped the boat with, along with the flush head and holding tank.
I guess I’m just rambling here, but I’m going to miss the ability to have the privacy when we’re on the water.
These are some of the things you give up in your old age, but if I want to go out fishing on occasion, there’s always the party boats or a shared charter. I will miss it.
How do people age?
I’m not talking about aging physically, but mentally.
The mindset you have as you get older seems to have a great deal to how well you age. My father reached retirement age and he developed a mindset that from 65 yrs of age, he was dying. He had decided that and began waiting for the day that he actually did die, which was at 83 yrs old. His mindset had kept him from traveling and doing the things he had done before he developed that mindset.
By thinking the way he did he wasted 18 years of life he could have enjoyed along with my mother and the rest of us.
I have reached the 3/4 century mark and have a totally different view of aging and that is “that you can do what you’ve been doing, it’s just that it’s taking you longer to do it”.
I know that people have physical problems that they use as excuses, but I’ve known people with physical limitations and they have had productive and fun lives. I believe it’s the mindset that you adapt that determines what the quality of your life will be in your later years.
When I was in high school, my friend asked me to go to a babysitting job with him (I know, it’s not a manly thing). At first I was reluctant, but when he told me it was for a man who had won the Irish Sweepstakes years earlier, I got interested and decided to go with him.
I had a chance to know this man and found that he was pretty intelligent. We got to talking about different lifestyles and he said that after winning the sweepstakes, he had to learn about living life all over again.
The most important thing that he told me was to live my life in moderation. I’ve found that you can do and enjoy just about anything you want as long as you do it in moderation. Doing anything in excess will eventually create problems in your life which may not show up for years.
Developing a mindset of moderation will, I believe, extend your life and produce a better quality of life for you. If you keep being active and productive,that’s what gives purpose to your life and will add years to your life span.
I realize that some people will not reach old age because of different health and physical problems, but with the right mindset, will have a more pleasant life for the time they have.
Remember, you can be old at 26 or young at 75, It’s up to you to develop the right way to think. Nobody can do it for you, it’s all up to you.
Change your life now!
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