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Susan A. Pomfret RICP®️
According to the National Reverse Mortgage Lenders Association (NRMLA), homeowners age 62 and older had housing wealth over $13 trillion. This wealth is not liquid. It’s locked up in home equity at a time when older Americans are looking for ways to fund their retirement. Home Equity Conversion Mortgages (HECMs) are one way to unlock this money, and financial planners now consider them an integral part of financial planning for retirement.
What
Is a HECM?
A
HECM allows homeowners 62 and older to access a portion of their home equity to
use in retirement. Reverse Mortgages are available in certain states for those
55 and older and offer higher loan amounts than HECMs.
Retirement Income Planning Basics
A secure retirement income plan should meet your financial goals and address retirement risks. Financial goals may include a source of income, paying for contingencies, and leaving funds for your heirs. Retirement risks may include longevity, inflation, healthcare costs, the need for long term care, the sequence of withdrawal of your funds from your available sources, and changes in public policy. A financial planner can help you develop a plan to address these issues, and a HECM can be an important part of your plan.
Ways
to Use a HECM in Your Financial Plan
The proceeds from a HECM can be used in any way you wish. Once the HECM has paid off your existing mortgage, a financial planner can help you set priorities for the way you spend these funds, such as:
•
Fund home renovations to age in place
•
Purchase a
new home (HECM or Reverse for Purchase)
•
Spend home
equity first to leverage investable asset growth potential
•
Coordinate
home equity to mitigate sequence of returns risk
•
Use tenure payments to reduce portfolio withdrawals – perhaps to
keep them at a
•
sustainable level (4-6%)
•
Use tenure payments as an annuity alternative
•
Delay your Social Security
•
Manage your tax bracket
•
Manage a Roth conversion
•
Pay for long-term health care
•
Fund end-of-life care
•
Protect your home’s value
• Create a contingency fund
If you are considering a HECM as part of your retirement plan, it’s important to remember that the amount you can borrow is determined by the age of the youngest borrower, the interest rate, and the appraised value of the home or maximum claim amount, whichever is less. Also, you’re responsible for property taxes and homeowners’ insurance. Finally, you must continue regular maintenance and make necessary repairs to keep the home in good condition.
If you have additional questions about HECMs or Reverse Mortgages,
I'm here to help. Call me today for more information about this retirement
income option. 401-595-7300.
Are you looking for the perfect home base while visiting a loved one in assisted living, independent living, or memory care in the Fort Myers area? I have two beautiful condo listings in the sought-after Pointe Royale community that offer the ideal blend of comfort, convenience, and luxury. Just Listed Pointe Royale Area Condominium 1900 Virginia Avenue #1301, Fort Myers, FL 33901 $550,000 | 3 Bed | 2 Bath | 2025 sqft Status: ActiveWelcome to paradise! This stunning high-rise condo has been newly updated with luxurious, high-end finishes throughout. Designed for those who seek high-class living in a vibrant waterfront community, this residence is perfect for family members who want a serene and stylish place to stay while spending time with loved ones nearby. Enjoy sweeping views, a gated community, and close proximity to downtown Fort Myers. MLS# 225034585Under Contract Pointe Royale Area Single Family Home 1900 Virginia Avenue #103, Fort Myers, FL 33901 $525,000 | 2 Bed | 2 Bath | 2025 sqft Status: PendingParadise awaits in this beautifully renovated condo that blends modern luxury with urban convenience. Located in the heart of downtown Fort Myers, this home offers waterfront views, high-end features, and the comfort of a secure, well-maintained community. This property is already pending, but similar opportunities come up frequently!MLS# 225008990Whether youre visiting family in care or looking to downsize and sell your home to transition into a residential care community, Im here to help guide and support you every step of the way. Know someone who might be interested in these listings or needs help navigating a move into senior living? Lets connectId love to share more details and provide compassionate, professional assistance.Warm regards, Amy Admire Heystek Licensed Florida Realtor (239) 600-4423 amy.admire@floridamoves.com 7950 Dani Dr. #125 Fort Myers, FL 33966 "Because Customer Service Still Matters"
Choosing a senior living community for a loved one is more than just a practical decisionits an emotional journey. The process often comes with a mix of urgency, confusion, and concern. Families want to ensure their loved one is not only safe and cared for but also happy, comfortable, and surrounded by the right level of support. With so many options available, understanding what truly matters can help you make a decision that brings peace of mind for everyone involved.One of the most critical first steps is determining the level of care your loved one needs. Senior living communities are not one-size-fits-all. Options can range from Independent Living and Assisted Living to Memory Care, Residential Care Homes, and Skilled Nursing. Its important to evaluate both current and future needs to ensure the community can continue providing adequate care as health conditions evolve. A proper assessment of these services will give you clarity on whether the community is equipped to meet your loved ones requirements now and down the road.Location is another key factor thats often underestimated. Being close to family can make all the difference. Frequent visits help maintain strong emotional bonds and allow you to stay actively involved in your loved ones well-being. A community near family members offers both comfort and convenience, ensuring that support is never far away.Understanding the cost of senior living is equally essential. Beyond the base rent, there are often additional fees that can add up quickly, such as charges for different levels of care, medication management, incontinence support, and community or entrance fees. Future increases should also be considered. Having a clear financial picture can prevent surprises and help you determine whether the community is both affordable and sustainable over time.Lifestyle is another factor that deeply affects a residents happiness. Some communities focus on vibrant, social living with a full calendar of activities, while others offer a more serene and quiet environment. It's important to match the community vibe to your loved ones personality, interests, and preferences. A good lifestyle fit ensures theyll not only be cared for but also truly enjoy day-to-day life.Safety and security should be top priorities. Ask about emergency response systems, trained staff on site 24/7, secure building access, and disaster preparedness. Each state regulates and inspects senior living communities, and those reports are often publicly available. Knowing that your loved one is in a safe, secure environment brings invaluable peace of mind.Don't overlook the importance of services and amenities, either. Offerings such as housekeeping, dining, transportation, fitness centers, on-site medical care, and social programming can make a world of difference in the quality of life. These extras enhance comfort, encourage independence, and help residents stay active and engaged.Lastly, always tour communities in person. A brochure or website cant show you what daily life looks like. When you visit, you can speak directly to the staff, observe the residents, explore the environment, and get a gut feeling about whether this is a place where your loved one will thrive. Its a great idea to visit more than once and at different times of the day to get a complete picture.The good news? You dont have to go through this alone. Searching for the right senior housing can be stressful, overwhelming, and time-consuming, but working with a professional can change that. By partnering with us, youll have compassionate experts by your side. We guide you through every step of the journey, offer valuable insights, and save you countless hours of research. Most importantly, we help ensure that you and your loved one make the most informed and best decision possible.Let us take the stress off your shoulders. Contact us today at 941-275-2914 to discover how smooth, supported, and empowering this journey can truly be.
At The Glenview at Pelican Bay, residents always come firstno matter the forecast. That commitment holds strong even during hurricane season.We know Floridas storms can stir up anxiety, particularly for older adults and their families. Thats why we go above and beyond with emergency preparedness for seniors, combining thoughtful planning, detailed logistics, and heartfelt care to keep everyone safe, informed, and supported from the first warning to the final all-clear. Related article: Hurricane Preparedness for SeniorsCalm, Coordinated, and Ready for AnythingWhen Hurricane Milton approached Floridas west coast in October 2024, The Glenview rose to the occasionshowing that safety and care are always our top priorities. With well-rehearsed evacuation plans and a compassionate team ready to act, we made sure every resident was secure, supported, and even smiling through the storm.Independent living residents were escorted floor by floor, each with a designated tag and color-coded system that made the process seamless. From luggage to medical supplies, everything was accounted for. Our group then made a 5-hour journey to Miami, where residents settled into the Marriott Biscayne Bay before the storm made landfall.In true Glenview spirit, the disruption quickly turned into connection. Days at the hotel were filled with engaging activities and fun, bringing the citys spirit to life. Behind the scenes, our dedicated team worked around the clock to meet every need.Meanwhile, our Premier Place team kept care uninterrupted and consistent for residents who rode out the hurricane at Amira Choice Naples. Despite the storm causing $280 million in damages across Collier County and temporarily pausing operations, every resident returned safely.A Gift of Reassurance for Residents and FamiliesHurricanes can be especially stressful for adult children concerned about their parents safety, but living at The Glenview offers families true peace of mind. Residents have access to Wi-Fi, generators to support medical devices, well-organized meals throughout the storm, and even post-storm support like refrigerator clean-outsmaking it one less thing for loved ones to worry about.The Glenviews exceptional care and hospitality extend beyond residents to include team members and their families. During the storm, the community welcomed staff and their loved ones who needed shelter, providing them with accommodations, three meals a day, and evening snacks. For many, including those once fearful of hurricanes, the experience brought an overwhelming sense of safety and support.This level of foresight and care defines our hurricane preparation tipsnot just emergency kits and evacuation plans but full-spectrum support and communication.Staying Connected When It Matters MostHow can people prepare for a hurricane and still feel secure? At The Glenview, clear and consistent communication makes all the difference. A dedicated One Call system keeps residents, families, and staff informed with updates several times a day.Executive Director Daniel Gomez personally fields calls from families and residents, answering questions and providing reassurance every step of the way. This level of communication helps families feel connected and confident that their loved ones are safe and well cared for.Beyond logistics and communication, theres something equally powerful at play: connection. Emergency preparedness for older adults isnt just about storm shutters and suppliesits about fostering an environment where neighbors support one another.The sense of camaraderie during Hurricane Milton was truly memorable. Residents came together, staff went above and beyond, and delicious buffets brought comfort to all. Everyone pitched in to support one another, creating a strong sense of community. For those who had to weather the storm, there was no better or more reassuring place to be than The Glenview.Related article: Riding Out the Hurricane Season: How Technology, Preparedness and The Glenview Lead the Way in Storm SafetyTrust the Experts in Hurricane ReadinessLife Care Services manages The Glenview with one clear priority: putting the resident experience first. That includes providing hurricane survival tips, emergency preparedness activities for adults, and a sense of calm leadership before, during, and after a storm.Our hurricane prep tips and emergency preparedness for seniors includes everything from medical support and generator power to accessible communication and hands-on care. At The Glenview, we dont just prepare for stormswe weather them together. Contact us to learn more,
At USA Mortgage, we are passionate about helping seniors achieve financial flexibility through Home Equity Conversion Mortgages (HECMs) and other Reverse Mortgage solutions. With a customer-focused approach and over two decades of experience, we provide tailored mortgage options designed to meet the needs of homeowners aged 55 and older.Our dedicated local Team are experts in HECMs/Reverse Mortgages, guiding you every step of the way with a seamless loan process. Whether youre looking to access your homes equity, refinance, or explore a HECM or Reverse for Purchase option, USA Mortgage offers a wide range of solutions to help you reach your financial goals.We pride ourselves on delivering a reliable, detail-oriented, and personalized experience. From the initial consultation toloan closing, our Team is committed to finding the right product that works for you, providing peace of mind and financial freedom. Trust USA Mortgage to be your premier home loan partner, empowering you to make the most of your retirement years.We offer a wide range of mortgage options to suit your specific needs and financial goals. From conventional loans to FHA, VA, and USDA loans, HECM and Reverse Mortgage loans. USA Mortgage has the expertise to help you find the perfect mortgage solution. Susan A. Pomfret, RICP has a career spanning several decades, she is proud to be one of the trailblazers in the reverse mortgage industry, having the honor of originating one of the first HECMs in Rhode Island in 1989 and has since dedicated her career to advancing the industry, playing a pivotal role in elevating companies to new heights. Under her leadership, she has transformed HECM closings, overseen vast teams, and engineered sales strategies nationwide.Susan's passion extends beyond just professional accomplishments; she is deeply committed to the senior community. This is reflected not only in leadership roles within senior-focused non-profit organizations but also in the dedication as a volunteer and advocate. She has been published in numerous mortgage publications, covered esteemed events like the White House Conference on Aging in 2005 and 2015, and was chosen to assist in writing the first Certified Reverse Mortgage Professional (CRMP) exam for the industry's trade organization, the National Reverse Mortgage Lenders Association (NRMLA).In addition to Susan professional endeavors, she holds a Bachelor Degree in Paralegal Studies, a Certificate in Gerontology from Roger Williams University and the Retirement Income Certified Professional Designation from The American College of Finance Services. Susan is driven by the mission to enrich the lives of our senior population and empower retirees to live a financially stress-free retirement.Contact Susan Pomfret, RICP at 401-595-7300 to schedule your free consultation.NMLS#1253876. Licensed in FL (License #LO125044)