Archive | Finance

Can a reverse mortgage solve the world’s problems?

Things that keep us up at night

The ramifications on the world economy of Britain leaving the European Union, increasing tensions between China and Russia, a contentious Presidential election, terrorism, the ongoing Middle East crisis, and the global warming debate. All are examples of events that we have little control over but are causing tremendous concerns.

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Is discretion truly the better part of valor?

I sat down recently with four card players. It turns out, only one was still driving. There seemed to be a common thread among the others – in all three cases, it seemed like they all had stories where driving had been taken away from them in a seemingly underhanded fashion. One lady recently moved back to Massachusetts from Florida. Her son told her to sell her car and they’d find her one up here. Well, conveniently, finding a new car has not become a priority.

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Recommendations from the Elder Economic Index Report

It’s no surprise that the older adult population in Massachusetts is increasing rapidly. In 2010, those aged 65 and older accounted for 14 percent of the state’s population. However, by 2030, that figure will grow to 21 percent. To be economically secure at any age, one’s income must cover basic living expenses. If housing, health care, food, transportation and other incremental expenses are not sufficiently covered by household income, we must support effective strategies to fill the gap or the household will suffer severe economic hardship in retirement.

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Planting the seed

“The best time to plant a tree was 20 years ago. The second best time is now.” – Proverb

When people think of planning for their later years, they think about saving for retirement. This is great, but it is not enough. Planting a tree requires thinking about water, soil and sun. People have more diverse needs. They need food, clothing, shelter, and health care. But they also need to fill their psychological needs. Some need something to do, a purpose in being, a goal. This may be harder to plan for, but it is important none the less.

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Reverse Mortgages: What’s the buzz?

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

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Reverse mortgages: It’s about time

By Alain Valles, CRMP Reverse mortgages often conjure dire outcomes. But the facts are just the opposite. With changes to the government-insured loan program, formally called a Home Equity Conversion Mortgage (HECMs), the risks to the senior homeowner has diminished, and, under many circumstances, results in a drastic cut in costs. Financial and estate planners, […]

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