Question Hello Rob,
My wife and I each retired 1 year ago, and are living on Social Security of $2.700.00 per month. We didn't save as much as we would have liked while working, but we are debt free and have approximately $70,000.00 in investments, which we haven't touched, and plan on saving for any emergencies that may arise. We own our home, valued at $125,000.00, and have no heirs that we would leave our house to, which seems to me like money that maybe we could use to enjoy our retirement a little more or maybe do some remodeling to our basement. We both agree that a "Reverse Mortgage" is a really bad idea, and would never even consider it, so I am curious if you might have some other ideas. I appreciate your time, and thank you for any help you might provide.
Answer A reverse mortgage is most certainly NOT a "bad idea," but it may be a bad idea for you. That is simply dependent on your situation and objectives. I would strongly encourage you to consult a properly qualified financial planner or advisor who can address your situation more thoroughly. One option you may consider is a home equity line of credit (HELOC) for emergencies or needed cash. Many institutions offer them at no cost except for interest on the balance should you use the line. If you do not have access to an advisor, you can contact one at www.christianfinancial.vpweb.com.
Retirement planning, tax qualified retirement plans (401(K), IRAs, etc.), mutual funds, insurance used in retirement planning, estate planning (tax planning, transfer of assets, creditor protection).
Comprehensive financial planner, 14 years; Executive Director, Association of Christian Financial Advisors, the nation's largest nonprofit financial planning network. Financial writer and frequent contributor to journalists and media sources.
Organizations Association of Christian Financial Advisors (Executive Director), National Association of Insurance and Financial Advisors (NAIFA).
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