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Jean Chatzky gives tip for getting over your fear of retirement

By Ellen Wright Adams

Mortgage and Lending with Academy Mortgage.......We are a Equal Housing Lender CO NMLS2421 : NMLS 264534

February 22, 2011 06:44 AM

Jean Chatzky gives for getting over your fear of retirement - use your Home Equity with a Reverse Mortgage!

I've been in the mortgage industry for 16 years. While working with first time home buyers is my heart of hearts, explaining the process to them, seeing the smile on their faces and the excitement when they move into and decorate their own home for the first time, I have to be honest, I get the most satisfaction from helping seniors stay in their home or purchase a new home with a Reverse Mortgage, so they have no mortgage payments for the rest of their life; now that is a great feeling.

The Wall Street Journal recently reported that of the 401k account balances for people very close to retirement, age 60-62, only a quarter of them have enough money to maintain their current standard of living, and that is including any money they may receive with a pension or social security.

On 2/22/11, the Today Show financial editor, Jean Chatzky, suggests looking into a Reverse Mortgage as one way to help fund your retirement. Specifically Chatzky states: "If you've got a lot of home equity don't discount that as a way to help fund your own retirement (with a) Reverse Mortgage....." Click 'Getting Over Your Retirement Fears' to see the full Today Show segment.

I agree with Chatzky - use your home equity with a Reverse Mortgage to give you more retirement income! There are a lot of rumors and stigma attached to Reverse Mortgages, and I'm doing my best to debunk them with my Reverse Mortgage blogs. Click LoansByEllen.com Reverse Mortgage Blogs to view recent Reverse Mortgage posts.

If you have any questions about Reverse Mortgages, call me at 541-868-1050 or you can email me at loansbyellenadams@gmail.com. I look forward to hearing from you and giving you an estimate on how much you may be eligible to receive with a Reverse Mortgage.

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George Fanucci

CoreFact.com - Los Altos, CA

Internet - Technology - Business - Solutions

My aunt has a fixed income and gets by. She is very skeptical about a reverse mortgage. Her grandmother lived to be 104. Her saying was "never, never, never spend the principal!" Can a reverse mortgage GUARANTEE a lifetime income? With equity left over for the great-grandchildren's college education? Those are her concerns.

Feb 22, 2011 06:46 AM

Suzanne Taylor

Ultima Real Estate - Corpus Christi - Corpus Christi, TX

Home Sales In Corpus Christi, TX

Ellen, I signed up for a senior housing course which started Monday, reverse mortgages was going to be discussed on Tuesday, wouldn't you know, I ended up in the emergency room Monday night with severe vertigo and missed the class Tuesday. Glad to be able to read your posts and get some great information from you. Plan to retake the course as soon as it is offered.

Feb 23, 2011 12:02 PM

Jim Poole

Tampa, FL

Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans

When I retire I want to be a loan originator however I want to live in the U.S. Virgin Islands. Thanks to Active Rain I hope to do both.

Feb 24, 2011 01:11 AM

Ellen Wright Adams

Academy Mortgage.......We are a Equal Housing Lender - Eugene, OR

LoansByEllen- Licensed in Oregon

George: Great questions. yes, Reverse Mortgages will guarantee your seniors that they will not have a payment the rest of their lives as long as they stay in the home as an owner occupied. These are FHA loans to help the seniors. I always tell my people your equity does you no good just sitting there, use it to create wealth and more money. I do think in the days gone by that b/c our equity in the home did not grow as fast as it does today. that it did not make sense to refinance and or borrow the money. But to-days economy is very different. I deal with so many seniors whose prescriptions have skyrocketed to 1,000.00 per mo. eating into their food bill & many do not eat healthy or have a quality life. they may be behind on property taxes for 3-4 yrs, now what if someone told them we could loan them the equity in there home , with no payments the rest of ther life. They could even use the money to hire in home care if they so choose. What a releif. Then they would really live the second half of their life with satisfaction. Keep your questions coming, Iron sharpens Iron.

Suzanne: I am so sorry to hear that. What would bring that on? is it a generational desease? I will keep you in my thoughts, & dont' give up on that class.

Jim: I have wondered how the florida market is doing. Yes, you can retire & do loans via the internet. I am at home today we received about 2 inches of snow, & the schools are closed so a great time for me to catch up on my Social networking. I may need to pick your brainon the 203K loan. I will read your posts , Active Rain is such a great learning site.

Good luck to all in 2011 !

LoansByEllen

Feb 24, 2011 07:23 AM

Jean Chatzky gives tip for getting over your fear of retirement

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