Throughout your lifetime you have worked hard to provide for yourself and your family. As you reach retirement, you should look forward to enjoying the results of your hard work like spending time on your property surrounded by your children and grandchildren. But a lack of planning can put you into a tight spot after retirement, possibly forcing you to make difficult decisions during your retirement. Poor planning could result in low funds, causing you to scramble for ways to make ends meet and to keep your home. What do you do?
The ideal thing for you before any of this happens is to have an estate plan in place before you have even reached retirement. But if you didn’t think it was necessary and now find yourself in a bind, there is such a thing as a reverse mortgage. Once you reach the age of 62, a reverse mortgage allows you to borrow against the future value of your home. You wouldn’t have to pay back the loan until you have either moved or passed away. Doesn’t sound bad so far, right? Now of course you are concerned for your children and what they will inherit, so you will like knowing heirs are entitled to 30 days to make some type of decision on what to do with the property. But did you know that most lenders are now pushing heirs to foreclose on the property? While you might believe you are setting your children up for a comfortable life once you are gone, you are really now chaining them to major debt.
An estate plan could save you from all of the hassle down the road. Still don’t think it’s for you? Let’s make sure you understand what it would mean for you:
- Manage and preserve- While you’re alive, a plan will help you keep track of your estate.
- Conserve and control- Based on objectives and goals put in place with your plan, you will still have control over distribution after you are gone.
- Overlapping- Estate planning can also overlap with retirement planning, so you can rest easy knowing money won’t be an issue after retirement.
At Safe Retirement Solutions, our trained financial advisors will help you to build an efficient and successful estate plan to specifically suit your needs. Our advisors recognize that every situation is different and will work to ensure that your goals and objectives are met during and after your life.
You have worked hard to enjoy your retirement, so let Safe Retirement Solutions help make that possible. Give us a call at 877-268-4086 or come see us at our offices located in Annapolis, Towson, or Columbia, MD. We also have an office in Saint Augustine, FL.
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