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Financial Advisors Shaking off the Taboo of Reverse Mortgages
It’s true, Reverse Mortgages have received the scorned looks of homeowners and financial folks alike for years. But with changes made in how they are presented, funded and regulated, they are slowly making their way back into the good graces of financial advisors. In fact, several studies are now showing the use of reverse mortgages in a positive light to help with supplementing retirement income.
Although the cost of getting a reverse mortgage is higher than those associated with a conventional mortgage, all the income from a reverse mortgage is tax free. Income from other financial products will vary however in the taxes the homeowner will be hit will and some of them are significant. Additionally, the costs of guaranteed benefit insurance companies are usually higher than the costs as well. Bottom line, however, is the retirees ability to live within their retirement fund means, and not outlive them.
Studies are showing that the use of a reverse mortgage can aid in the longevity of retirement funds, in a number of ways. Both the American College of Financial Services and The Journal of Financial Planning are proving it with a few key methods. Of course, as with any financial predictions, they have to ... more
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