Tuesday, January 19, 2021 | 12:00 PM — 1:00 PM EST
How to Reduce Financial Risks During Retirement for Clients Carrying a Mortgage Balance
Presented by:
Matt Allen
Reverse Mortgage Specialist, Reverse Mortgage Funding LLC
More and more people are heading into retirement with a mortgage. According to the Federal Reserve, it is estimated 35% of those aged 65-74 and 23% of those 75 or older carry a mortgage balance.
Join reverse mortgage specialist Matthew Allen as he demonstrates the advantages of older clients switching from a conventional mortgage to a reverse mortgage and the massive power of continuing to make monthly mortgage payments on a reverse mortgage. Matthew will explain how the reverse mortgage and its voluntary payment option* create financial security, safety, and flexibility compared to a conventional mortgage. Attendees will also learn how any older client can benefit tremendously from making the switch to a reverse mortgage, even if they don’t “need” a reverse mortgage right now.
Attendees will learn:
- How clients can save every mortgage payment for future use while still paying down the mortgage balance.
- How clients can create flexibility in the mortgage payment when household income is lost or reduced, or expenses increase.
- How clients can create a pool of income-tax-free† cash to deal with financial emergencies and other financial challenges.
- How clients can be prepared for 10 common financial risks during retirement without raiding the retirement portfolio
Please Note: One CE credit will be provided for CFP, RICP, CLU, ChFC, and CFFP/Kaplan designations.*As with any mortgage, borrowers must meet loan obligations, keeping current with property taxes, insurance, and maintenance.†Not tax advice. Consult a tax professional.
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Options for Moving in Retirement Using the HECM for Purchase
By: John Salter, Ph.D., CFP®
Principal & Wealth Manager at Evensky & Katz / Foldes Financial
& Associate Professor at Texas Tech University
Many retirees will choose to move from the large home in which they raised their family into something smaller and more manageable to maintain. These retirees will be faced with the financial decision of how to best finance their new home. Traditional financing options exist which include paying cash for the home, or using a traditional mortgage. One newer, and lesser known option, is the Home Equity Conversion Mortgage (HECM) for Purchase, where the HECM reverse mortgage can be used directly for the purchase of a new home.
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