Obtaining a HECM allows you to convert the equity in your home to cash that you can spend, improving the quality of your retirement. So, what is the main stumbling block that might hold you back from applying?
A reverse mortgage is really just another financial tool to increase retirement income, decrease retirement expenses, or even both. plynty recommends the Home Equity Conversion Mortgage (HECM), which allows borrowers to convert the equity in their homes into a monthly stream of income or a line of credit.
If you own your home, whether in part or outright, then a reverse mortgage is potentially a valuable tool that can help both decrease your expenses and increase your income during your retirement.
MJ discusses the importance of planning: “I do think you deal with what you’ve got in front of you, and that you should be smart about planning for the future. Because, really, how much of the future can you know?”
When thinking about retirement, running out of money is one of the top concerns for most people. You can run out of money because you spend too much, too soon. Or you can live “too long” — or at least longer than planned. So, is there any way to possibly guarantee that you’ll have enough money to last throughout your retirement?
Susie advises: “Fess up to the things you don’t know. Don’t let fear stop you just because you don’t think you’ll gain any ground.”
Creating a retirement plan is like trying a new recipe – with proper ingredient preparation and by following the directions, there’s a good chance you’ll create something that will make you proud. Of course, once you start cooking and gain confidence and experience, you often discover modifications that make a recipe a better fit for you.
how a globetrotting couple took advantage of their 401(k) and Apple stock to secure a comfy retirement
“There has been a lot of moving around, in my career,” says Robert Woodward, 64. “It was not a traditional path.”
Do you remember the first time you received your own money? Maybe it was a dollar from the tooth fairy. Or perhaps $5 for helping dad rake leaves. Or, if you were really lucky, $10 as a birthday gift from Aunt Jane.
Dennis had a big idea: provide lifelong financial planning to those who usually don’t have access to good advice. He spent many years as a business strategy and marketing executive for several large banks, and for far too long he witnessed how regular people were underserved by the financial industry.
“There seems to be some perverse human characteristic that likes to make easy things difficult.” - Warren Buffett
Welcome to the plynty blog! This is where we’ll explain how we see money differently, and what that can mean for your retirement planning (hint: it’s much easier than you think!).