Have Your Retirement Plans Change?

The economic downturn resulted in retirement plans using about a third of their value at the low point. Many people who are close to retirement now find themselves scrambling to cut back on expenses, saving more out of their paychecks, or even postponing retirement plans.

Delaying Retirement

A study by the Center for Retirement Research at Boston College found that about 40% of people ages 45-59 say they plan to retire later than they had before the economic downturn. The survey also found that for many people losing such a large chunk of their retirement savings resulted in stress levels equal to or higher than the stress they felt after the 9/11 attacks.

Retirement Planning and Reverse Mortgages

Do you feel stressed out about not having enough savings for a comfortable retirement? Have you looked at all your options for saving more money and funding your lifestyle? It’s important to investigate all our options, including reverse mortgages.

A reverse loan could allow you to supplement retirement income. Reverse mortgage loan proceeds can be used for any purpose, including home repairs, medical costs, property taxes, etc. While these loans won’t work for everyone, getting one could help your situation.

Reverse Loans for Seniors

You can only apply for a reverse mortgage is you are 62 and up. However, it can be worth your while to wait until you’re older to apply for a reverse loan. That’s because the amount of money you can borrow is based on your age, home value, and current interest rates. The older you are and the higher your home appraisal, the more money you can get.

Talk with a knowledgeable housing counselor to get the scoop on reverse mortgage pros and cons. Once you’ve discussed reverse mortgage guidelines you can make an informed decision about how one of these loans may or may not support your retirement plans.

This entry was posted on Wednesday, March 3rd, 2010 at 4:38 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.