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The retirement income “thingy” — a 30 year study (for the serious student)

A thorough study of Retirement Income Prep:

How to “Pensionize” Any IRA or 401(k) Plan STANFORD CENTER ON LONGEVITY Steve Vernon, FSA Research Scholar Stanford Center on Longevity svernon@stanford.edu November 2017 —

How will ordinary workers retire in a defined contribution (DC) world?
How do they decide if they have enough savings to afford retirement?
How can they generate reliable retirement income?
“When you’re in your 60s” says Steve Vernon, “[and] you’re planning retirement, it’s just smart to look at all your assets, and how you can best deploy them, and that should include your home equity,” Vernon said.

These questions began to nag at me when I started replacing employers’ defined benefit (DB) plans with DC plans in the late 1980s in my role as a consulting actuary working in the private sector. Over the next two decades, I transitioned more than 20 DB plans. All that time, the above questions continued to haunt me. When replacing defined benefit plans with defined contribution plans, it may not have been a good idea to ask ordinary workers to be their own investment manager and actuary.

Now more than a million HECMs. Do you have one?

November 1, 2016

WASHINGTON (November 1, 2016) – The National Reverse Mortgage Lenders Association applauds the Federal Housing Administration today for insuring more than one million reverse mortgages through its Home Equity Conversion Mortgage program, which was first created 27 years ago. FHA endorsed 3,919 loans in October 2016, which brings the total number of older homeowners who have benefitted from FHA-backed reverse mortgages to 1,002,679.

We love the truth about HECM reverse mortgages.

Can manufactured homes be HECM refinanced?

What about “trailer houses”???

“Yes!”

Since many Reverse Mortgage lenders refuse to refinance manufactured homes, it is necessary to report that we are happy to do most of them, singles, doubles and triples. The HECM HUD standards include mobiles all the way down to June, 1976 after which manufacturing was overseen by HUD government standards, so there is a wide envelope for refinances here at Patriot Lending USA. Yes, there are some complications in complying with foundation standards and often, upgrading (tiedowns) is required to make them compliant. No payments on this mortgage required in your lifetime as long as you live there as your primary home, pay taxes and insurance and maintain the home.

A MANUFACTURED HOME (FORMERLY KNOWN AS A MOBILE HOME) IS BUILT TO THE MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS (HUD CODE) AND DISPLAYS A RED CERTIFICATION LABEL ON THE EXTERIOR OF EACH TRANSPORTABLE SECTION. MANUFACTURED HOMES ARE BUILT IN THE CONTROLLED ENVIRONMENT OF A MANUFACTURING PLANT AND ARE TRANSPORTED IN ONE OR MORE SECTIONS ON A PERMANENT CHASSIS. Manufactured homes are considered for HECM refinance if constructed after June 15, 1976.

Fixing Retirement by “moving the needle”; “Son, take my advice”!

Nobel Prize economist recipient Robert C Merton explains how Reverse Mortgage is wise for families.

Full Transcript of Steve Chen’s Interview with Bob Merton

Steve: Welcome to the 11th podcast for NewRetirement. Today, we’re going to be talking with Nobel Prize winner Robert Merton, a nationally recognized economist and professor at MIT about the retirement planning landscape, why do we face an impending crisis and what kinds of changes can materially improve retirement outcomes for people.

What? Children are ruining their parents retirement — and it’s getting worse????

Raising children has never been inexpensive. But the costs go well beyond daycare and college today, extending far into young adulthood—and that could pose a problem for parents’ retirement plans.

Parents spend $500 billion annually on their adult children—about double what they put into their retirement accounts, according to a study released on Tuesday by Bank of America Merrill Lynch and aging consultancy Age Wave. Nearly 80% of U.S. parents give some financial support to their early-adult children, from helping them with groceries to shelling out substantial sums for weddings, first homes, or even granchildren’s college educations.

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Consider HECM if you can.

Warren Strycker 928 345-1200

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(This HECM information website, Gofinancial.net, launched July, 2015)

 

 

 

 

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