As more Americans near retirement age, they’re grappling with where they should live as they grow older. Should they stay in their existing homes? Sell and buy a smaller home? Become renters?
Although there is no single right answer, a recent, private convening of experts on aging and retirement hosted by the Urban Institute highlighted the need to think about both aging in the right place and how to pay for it.
Editor’s Note: If you notice you are tipping glasses full of water over without realizing i — and it isn’t lack of peripheral eyesight, or wondering why you can’t pee when you are sitting on the toilet, it could be that your brain isn’t functioning as usual (or at all). It’s difficult to acknowledge that your hands and other bodily functions don’t work without your brain, and other stuff you don’t want to admit, isn’t working, because…
Yes, it’s depressing, but that is what results from knowing this stuff is happening as you age and not really dealing with it (because you didn’t think you could do anything about it)… and you don’t have mountains to climb, and you wonder if you are demented now! All that, and more.
By Wade Pfau: Professor at The American College and Principal at McLean Asset Management. His website: www.RetirementResearcher.com
A common question I receive regards how to find a trustworthy reverse-mortgage lender. This is not necessarily easy for those beginning the process with little more to rely on than an Internet search engine. A starting point may be with personal referrals from your financial advisor, or from friends or family who have felt satisfied with their lenders. I am also willing to help readers find the names of local lenders from reputable companies if you write to me providing your city and state. I am not compensated by reverse-mortgage lenders for giving such referrals.
Depression impacts more than 6 million of America’s 35 million seniors every year according to the National Council on Aging, yet older adults often don’t know where to turn for help – and many don’t know whether they should look for help, often mistaking their condition for loneliness or irritability. Depression is frequently misdiagnosed in seniors and can easily be mistaken for Alzheimer’s or a sleeping disorder.
MAY 8, 2019
Clients who risk running out of money in retirement can likely benefit from a reverse mortgage, especially if they take out the mortgage early in retirement, according to Christopher Mayer, chief executive at mortgage lender Longbridge Financial, and Wade Pfau, professor of retirement income at The American College.
Should you consider a reverse mortgage for retirement? Experts at TheStreet’s Retirement, Taxes & Income Strategies Symposium discuss the pros and cons.
