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Seniors Can Use a Reverse Mortgage to Fund Annuities,
Investments, and Insurance Policies
For many seniors in or entering retirement, the prospect of
purchasing long-term care, investments or annuities can be cut
short by a lack of retirement income. Statistics show that 3 out
4 seniors will have to lower their current standard of living
during retirement. Social Security, IRA's, 401k's, and other
methods of retirement income usually provide enough income for
living expenses and recreational activities, but do not leave
much room to improve your financial future. A Reverse Mortgage is
an increasingly popular solution for increasing income, and large
amount of tax-free funds to safely move into investments and
securities.
Reverse Mortgages are Federally regulated and guaranteed
financial vehicles that allow a senior, age 62 or above, to
extract a large amount of the equity locked in most senior's
largest illiquid asset: the home. A Reverse Mortgage will provide
a percentage of the home's appraised value, usually 20-60%, in a
variety of different payout methods, but the senior is never
required to make a payment on the loan for as long as they live
in the home. All repayment, closing cost, and interest are repaid
when the senior moves or the home is sold, so it produces a large
amount of capital with absolutely no risk of default or
foreclosure on the home. "There a is Reverse Mortgage myth that
the bank can take your home, that is totally false" says Troy
Shellhammer of Reverse Mortgage
Nation.
All funds generated with a Reverse Mortgage are tax-free. They
also will NOT impact any social security or Medicare benefits.
This vehicle becomes very attractive when looking at ways to
increase income or an investment portfolio. Example: A couple who
are both age 65, with a home value of $200,000, zero mortgage,
and are looking to either purchase an immediate annuity or a
joint long-term care insurance policy. A Reverse Mortgage could
potentially provide over $100,000 to fund the annuity or a single
premium insurance policy, with interest growth and a long-term
care rider.
The true power of the Reverse Mortgage as an investment tool
lies in two aspect of the product. The first is that any funds
generated from a Reverse Mortgage are completely tax free, and
will not affect the tax bracket of the applicant. The other is
the single largest asset of most seniors is their home. The home
is a peculiar investment because the only way to see a real
return from the growth of the home's value through its preciation
is to sell the home, or liquidate the entire asset.
A Reverse Mortgage lets the savvy senior employ the
appreciation of the home without having to leave the home, or
make any payments on the loan. These are some of the reasons that
in last three years, the average of Reverse Mortgage loans
produced nationwide has risen almost 300%, along with a rise in
loans done on homes with values of $500,000 and up rising almost
500%.
Troy Shellhammer is a Reverse Mortgage specialist with Next
Generation Financial Services, a division of 1st Mariner Bank. He
advises seniors on the Reverse Mortgage process and produces
Reverse Mortgage loans nationwide. Please visit his website at
http://www.reversemortgagenation.com/troyshellhammer
or call 1-888-9 REVERSE for any questions, information, or an
estimate on what you or your friends and relatives may receive
with a Reverse Mortgage.
 MORE RESOURCES updated Thu. February / 09 / 2012
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