Pam and Richard remember the days when reverse mortgages were hawked like Ab Crunchers on late-night infomercials. But tighter regulations have now made them a legitimate source of supplemental tax-free income for seniors who wish to remain in their homes until their deaths. In fact, Terry helped her father get a reverse mortgage in that enabled him to live in his retirement condominium until he passed away at age 96. But it’s not a decision to be taken lightly, and the federal government has established safeguards to ensure that potential applicants and their families fully understand both the benefits and risks of this often misunderstood option.
Not everyone looks at their personal financial future through rose colored glasses. In fact a recent Gallup poll shows Americans not yet retired are more worried than anytime in the past ten years. Discouraged savers who see the glass-half-empty may actually need different financial strategies just based on their outlook. We give you solid financial planning tips that can make your outlook.
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