Could A Reverse Mortgage Mitigate the Risk of Economic Uncertainty?
Mutual of Omaha- Reverse Mortgage Specialist- David Edel
Aug 29, 2022
Florida - Southwest
Could a Reverse Mortgage Mitigate the Risks of Economic Uncertainty?
Risks that
could impact your retirement. And could
a reverse mortgage be a perfect risk mitigant for these hazards?
There are many
risks that could impact retirement. For
example, the risk of outliving one’s assets, the inflation risk that erodes
buying power, market risk where nest egg values decrease, and liquidity risk
where there is an excess ratio of wealth concentrated in an illiquid,
indivisible asset such as real estate just to name a few.
So, what
exactly is a reverse mortgage? It is an
FHA mortgage that doesn’t have any payment schedule except for the sale of the
home or the death of the borrowers. It
is a way to convert a portion of the home’s value into tax-free cash without
any obligation on the part of the homeowners to ever make a mortgage payment.
There are myths
about reverse mortgages that still abound like the myth that the bank owns or
takes your home or the myth that the wisest strategy is to wait to take out a
reverse mortgage as a last resort.
Retirement research confirms waiting until portfolio depletion to
initiate a reverse mortgage is a dangerous way to rely on home equity. In doing so, you would lose the compounding
growth in the line of credit and/or use too much of your portfolio on fixed
expenses in market downturns.
Who
qualifies?
There are few requirements
for a reverse mortgage. The program was
designed for homeowners aged 62 and over who own and live in the home as their
primary residence. There are also
certain credit and income requirements.
Property taxes and homeowner’s insurance remain the homeowner’s
responsibility.
How much
money could I receive?
The amount of
money you receive depends on your age (or the age of your spouse), the value of
your home, and current interest rates.
What are my
payment options?
Depending on the program you choose, you determine how you receive your money. Your personal plan may include:
- A monthly payment for as long as the home remains your primary residence
- A lump-sum payment paid at closing
- A growing, compounding line of credit
- Or a combination of the three
David Edel has
been a Reverse Mortgage Loan Officer since 2006. He is employed by Mutual of Omaha. NMLS#
634160. Feel free to contact him at
239-596-4700 for a no cost, no obligation consultation.
Other Articles You May Like
Our hearts are dedicated to yours
At Lee Health, you have everything you need to take care of your heart health. Our expert cardiovascular team is the largest and most experienced in Southwest Florida. No matter where you are in your health care journey, our experts are alongside you every step of the way. Lee Health Heart Institute includes primary and specialty care, nationally ranked hospitals, Shipley Cardiothoracic Center, cardiac rehabilitation and moreall in a safe and comforting environment. Were ready to help you stay active, engaged and prepared to enjoy the important things in life.The Lee Health Heart Institute is nationally recognized for excellence in cardiovascular care. HealthPark Medical Center has been recognized as a PINC AI I Fortune 50 Top Cardiology Hospital in the country and 1 of only 6 hospitals recognized in Florida and the only hospital in Southwest Florida underscoring Lee Healths commitment to exceptional cardiovascular care and medical excellence in the region. The Lee Health Heart Institute ranks 9th in the nation and top 3 in Florida through its PINC designation. Our dedication to advancing heart health is evident through ongoing clinical trials, published research, and 11 abstracts presented at the American College of Cardiology Scientific Sessions. Heart Institute Locations Near YouThe Heart Institute incorporates cardiovascular services, cardiology, and cardiothoracic surgery. Locate Lee Health Heart Institute clinics near you for convenient locations including experienced cardiologists, cardiothoracic surgeons, and more. Dedicated cardiovascular health to patients located minutes from Cape Coral, Fort Myers, Naples, Lehigh Acres, Estero, and Bonita Springs.Cardiothoracic Surgery - Heart Institute at Shipley Cardiothoracic Center9981 S HealthPark Dr, Suite 156 Fort Myers, FL 33908Phone number(239) 343-6341 Cardiology - Heart Institute at Bass Road16261 Bass Rd, Suite 300 Fort Myers, FL 33908Phone number(239) 343-6410Cardiology - Heart Institute at Cape Coral Hospital708 Del Prado Blvd, Suite 7 Cape Coral, FL 33990Phone number(239) 424-3660Cardiology - Heart Institute at Coconut Point23450 Via Coconut Point Estero, FL 34135Phone number(239) 468-0121Cardiology - Heart Institute at Medical Plaza One9800 S HealthPark Dr, Suite 320 Fort Myers, FL 33908Phone number(239) 343-6350Cardiology - Heart Institute at Metro Parkway13340 Metro Pkwy, Suite 200 Fort Myers, FL 33966Phone number(239) 343-0550Cardiology - Heart Institute at Sanctuary8960 Colonial Center Dr, Suite 302 Fort Myers, FL 33905Phone number(239) 343-9700
National Cancer Survivors Month
June is National Cancer Survivor Month, a time to celebrate, support, and raise awareness about cancer survivorship.There are more than 18 million cancer survivors in the U.S.Statistics from the National Cancer Institute (NCI) project that the number will grow to 26 million by 2040.More than 2 million people in the U.S. will be diagnosed with cancer in 2025.The NCI projects that an estimated 618,120 people in the U.S. will die from the disease in 2025.Be a part of the NCA Difference and support our mission of improving the care of cancer patients through our no-cost second-opinion services. Your support helps improve patient outcomes and peace of mind!
Understanding Assisted Living in Utah: A Comprehensive Guide for Families
As Utahs population continues to age, many families are exploring senior living options that provide both independence and essential support. Assisted living is one of the most sought-after solutions, offering a balanced environment for seniors who need help with daily activities but still wish to maintain a sense of autonomy. If you're beginning the search for assisted living in Utah, understanding what these communities offer and how to choose the right fit is essential.This guide will help you navigate assisted living in Utah with clarity, confidence, and compassion. What Is Assisted Living?Assisted living refers to a residential community designed for seniors who are largely independent but may need assistance with tasks like bathing, dressing, medication management, or meal preparation. Unlike skilled nursing facilities, assisted living communities do not provide round-the-clock medical care, but they do offer 24/7 supervision and support from trained staff.Most assisted living communities in Utah also offer amenities such as:Private or semi-private apartmentsGroup dining with nutritious mealsHousekeeping and laundry servicesTransportation assistanceRecreational and social activitiesOn-site wellness programs Why Utah Families Choose Assisted LivingUtah has become a popular place for retirees and seniors due to its beautiful landscapes, relatively low cost of living, and strong sense of community. Assisted living communities in Utah often incorporate the natural beauty of the state, offering seniors a lifestyle thats both safe and enriching.Some key benefits of assisted living in Utah include:Peace of Mind for Families: Knowing your loved one is in a secure and supportive environment can ease the burden of caregiving and reduce family stress.Tailored Care: Assisted living communities evaluate each residents unique needs and develop a personalized care plan to support their independence and health.Social Opportunities: Many Utah seniors face isolation, especially in rural areas. Assisted living communities encourage social interaction, which is essential for mental and emotional well-being.Access to Nature and Recreation: Utahs outdoor culture often extends into its assisted living communities, offering residents scenic views, walking paths, and outdoor events. How to Choose an Assisted Living Community in UtahWhen selecting an assisted living community for yourself or a loved one, consider the following factors: Level of Care: Ensure the community can accommodate current needs and adapt to future care requirements. Licensing and Accreditation: Verify that the community meets Utahs health and safety regulations. Location: Proximity to family, medical providers, or familiar neighborhoods can make the transition smoother. Costs and Contracts: Understand the fee structure, what's included, and any additional costs. Culture and Environment: Visit communities in person or virtually to observe how staff and residents interact, and assess whether the atmosphere feels welcoming and respectful. Finding Assisted Living Communities in UtahSeniors Blue Book is a trusted resource for families exploring senior care options across Utah. Our comprehensive directories help you compare services, amenities, and locationsall in one place.To start your search, explore these helpful pages:Utah Senior Housing DirectoryAssisted Living Communities in UtahThese listings are updated regularly and include detailed profiles of local providers, ensuring you have accurate information to make informed decisions. Final ThoughtsChoosing assisted living is a major life decision that can significantly enhance the quality of life for Utah seniors and provide much-needed relief for their families. Whether youre just beginning your research or ready to schedule tours, understanding your options is the first step toward a supportive and fulfilling future. Assisted living in Utah offers more than just careit offers community, dignity, and peace of mind. Start exploring your options today with help from the Seniors Blue Book.