User Profile: SilverSurfer

User Profile

Recent Questions: (Show all)

How are people hedging their retirement portfolios?

Retirement jokes

Helping senior investors fight fraud - articles and sources for seniors - background checks

Oldest people - food for thought

Medicare doesn't cover dental

Rule of thumb for when to take Social Security

Why I want to work in retirement

Things to consider when hiring a financial advisor

Reverse Mortgage Definition

Full Retirement Age

Recent Answers: (Show all)

Hi Luvbach1, A reverse mortgage is not dependent on your credit score - so the lender should not ... (Show entire answer)

Hi Luvbach1, A reverse mortgage is not dependent on your credit score - so the lender should not need to run your credit score. The only qualification filters are - any party on the title needs to be 62 years old or older - the homeowner needs to have enough equity in their home to qualify. You can get a call from a licensed reverse mortgage specialist who can answer your questions by completing this form on this site: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx

Hi Ncmohan, Only the income limit goes away in 2010, i.e., if you have earned more than $100K, ev... (Show entire answer)

Hi Ncmohan, Only the income limit goes away in 2010, i.e., if you have earned more than $100K, even then you can do a Roth conversion and pay taxes as ordinary income. This is really a question for a certified financial advisor. Some of the items they'll likely want to explore with you are: - What is your 2010 expected income (before conversion) - Are you going to pay the Roth conversion tax bill will taxable funds or use Roth distribution funds? - What is your expectations for your tax bracket level in subsequent years? - Do you have heirs that you want to eventually receive the funds (converting will lower tax for his estate)? - Adding more income from the conversion could increase taxation of Soc Security payments and also reduce a whole host of itemized deductions If you don't need the $ to live on for a while, are in a lower tax bracket and can pay the taxes from $'s with taxable accounts it *may* makes sense to convert, but every situation is different. Since this is a big decision you may want to discuss it with another certified financial planner - you can find one here: https://www.newretirement.com/Services/Professional_Financial_Advisors.aspx Some other useful links: http://www.fool.com/investing/ira/2008/05/29/stiff-the-irs-for-the-next-100-years.aspx http://www.fairmark.com/rothira/rollcons.htm Best, NewRetirement Please note - this should NOT be construed as financial advice - you should seek out the advice of a licensed professional.

Here's the new HUD Mortgagee letter on Manufactured homes HUD Mortgagee Letter 2009-16 http://... (Show entire answer)

Here's the new HUD Mortgagee letter on Manufactured homes HUD Mortgagee Letter 2009-16 http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-16%20MANUFACTURED%20HSG%20POLICY%20GUIDANCE.PDF

Here's the new HUD Mortgagee letter on Manufactured homes HUD Mortgagee Letter 2009-16 http://... (Show entire answer)

Hi Carlotta, Some manufactured homes are eligible for a reverse mortgage, so long as they meet th... (Show entire answer)

Hi Carlotta, Some manufactured homes are eligible for a reverse mortgage, so long as they meet the FHA guidelines which are: - Own the land the manufactured home is on - permanent foundation - built after 1976 - HUD inspected/approved seal on the property - and it has to never have been moved from location to location http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm I don't know why it can't be moved from location to location. Your best bet may be to call HUD.

Generally the answer to this question is no - even if a creditor has sued and gotten a judgement aga... (Show entire answer)

Generally the answer to this question is no - even if a creditor has sued and gotten a judgement against you they can not garnish your Social Security benefits, except for certain specific kinds of debts owed to the government. You may want to check with a free legal service where you live to see if they can advise you on this. http://www.indianajustice.org/Data/DocumentLibrary/Documents/1064318196.79/view_article_publicweb?topic_id=1020100&library=PublicWeb

There's a discussion of this topic on MorningStar's site: http://socialize.morningstar.com/NewSoc... (Show entire answer)

There's a discussion of this topic on MorningStar's site: http://socialize.morningstar.com/NewSocialize/forums/thread/203550.aspx This is complex, so you should talk to a licensed expert, but it looks like there are two approaches: 1) Take out just the after tax contributions and put that into the Roth IRA. If you take out the earnings associated with your after tax cost basis, then you would have to pay taxes on those earnings. 2) Transfer your 401(k) balance to your traditional IRA. Then, you can convert all or part of this to a Roth IRA, but it is done on a prorata basis. That is, in the year of your Roth conversion, if the % of all of your your traditional IRAs that is basis (after tax contributions) is 20%, then 20% of your conversion will not be taxable (ordinary income) to you. You can follow this through on form 8606, part II, which you can see at http://www.irs.gov/pub/irs-pdf/f8606.pdf If you want to talk to someone about an IRA Rollover you can read more here and inquire to have someone contact you: http://www.newretirement.com/Services/Rollover.aspx

This is a difficult situation and many other people find themselves in similar straits. A coup... (Show entire answer)

This is a difficult situation and many other people find themselves in similar straits. A couple of resources to learn more about your rights and protections as an investor are: FINRA - the Financial Industry Regulatory Authority http://www.finra.org/index.htm SEC - the Securities and Exchange Commission http://www.sec.gov/investor.shtml You probably should get unbiased and reputable advice before you make any moves with your money - such as from a fee based Certified Financial Planner. If you are getting a reliable income stream with a guaranteed 7% increase in payment each year - even if your underlying investments have dropped 40% it may make sense to leave it alone. (Although there is risk around the solvency of the insurance company that sold the variable annuity - hopefully they will remain solvent.) It's always worth understanding what the incentives are of anyone who advises you about money - if the person is getting an hourly fee from you and doesn't get paid on commission you are much more likely to get unbiased advice. Many brokers in financial services earn commissions when investors move their money around, so investors need to be careful that they aren't moving money around for the brokers sake.

Hi JRM, Retirement accounts are held in one person's name (ex IRA - Individual Retirement Account... (Show entire answer)

Hi JRM, Retirement accounts are held in one person's name (ex IRA - Individual Retirement Account). If you want to discuss the best strategy for managing your overall portfolio you may want to talk with a financial advisor. You can find one here: https://www.newretirement.com/Services/Professional_Financial_Advisors.aspx Good luck!

Since each company and person's situation is unique its difficult to answer without more details. ... (Show entire answer)

Since each company and person's situation is unique its difficult to answer without more details. It depends on a number of factors such as the amount of your pension, how its funded, whether your firm does go bankrupt and then if so if the PBGC (Pension Benefit Guarantee Corporation) takes over. The PBGC is a government program that will take over and pay benefits for failed pension plans, however the PBGC has a maximum annual benefit and if your retirement benefit was higher than that maximim that incremental income could be at risk. The PBGC site and some useful links are below. As a start you might want to get in touch with the Human Resources department of your company and whoever administers the pension plan. Some background: http://www.nytimes.com/2006/10/24/business/retirement/24pension.html http://www.pbgc.gov/ http://www.pbgc.gov/about/pensionend.html http://www.pbgc.gov/about/insurepension.html

It looks like it will impact your social security income for the year in which you get the inheritan... (Show entire answer)

It looks like it will impact your social security income for the year in which you get the inheritance if you are at or under your full retirement age. http://www.ssa.gov/retire2/whileworking.htm The good news is that once you reach your full retirement age the Social Security Administration should recalculate and increase your monthly benefit based on the reduced benefits due to your inheritance. http://www.ssa.gov/retire2/whileworking3.htm Essentially what is happening is that you are suspending your payments and paying back into the social security. Check out this article on the topic: http://community.newretirement.com/blogs/newretirement_news/archive/2008/08/28/10984.aspx You should call your Social Security office and ask them about this situation.

You can find the template form 1099R at the IRS web site: http://www.irs.gov/pub/irs-pdf/f1099r.p... (Show entire answer)

You can find the template form 1099R at the IRS web site: http://www.irs.gov/pub/irs-pdf/f1099r.pdf For each pension, annuity, profit-sharing plan, retirement plan, IRA, and/or insurance contract that you get a distribution from - you should get a 1099R from each plan custodian by January 31st of the year following the distribution. So for 2008 - you should get this by January 31, 2009. http://www.investopedia.com/terms/f/form1099r.asp

Today the minimum age to receive social security is 62, unless you are a widow or widower. http:/... (Show entire answer)

Today the minimum age to receive social security is 62, unless you are a widow or widower. http://www.ssa.gov/glossary.htm#minimumage People who are disabled or blind may be able to get Supplemental Security Income (SSI) benefits at an earlier age if they qualify. http://www.socialsecurity.gov/ssi/index.htm

Find a low cost place to live, work as long as possible and try to set up income streams that will l... (Show entire answer)

Find a low cost place to live, work as long as possible and try to set up income streams that will last as long as I will (maximize social security, pension if possible and annuitize part of my savings)!

Hi Steven, A 401K is a "defined contribution plan" vs " defined benefit plan" http://en.wikipedia... (Show entire answer)

Hi Steven, A 401K is a "defined contribution plan" vs " defined benefit plan" http://en.wikipedia.org/wiki/Pension If your company's retirement plan is not a 401K, but is instead a defined benefit plan you may be correct - but you should clarify that with your company. At this point you may want to call the IRS and talk to them directly about your situation: http://www.irs.gov/contact/index.html We are not financial advisers and can't provide advice.

Hi Steven, If you don't contribute to the 401K, then you can fully deduct up to $6,000 into your ... (Show entire answer)

Hi Steven, If you don't contribute to the 401K, then you can fully deduct up to $6,000 into your traditional IRA. However - even if you participate in your 401K, you should be able to partially deduct a contribution to your IRA due to your income level. Since you are over 50 you are also eligible for "catch up" contributions above the normal contribution limits for a 401K and/or IRA. If your employer does 401K matching you may want to consider participating in that program and just parking the money in the safest vehicle they offer since your employer is amplifying your savings. This of course depends on the degree of any matching AND your comfort with the offered investment choices. At 59 1/2 you should be able to rollover any 401K money into an IRA or your company may allow you to rollover money from the 401K into an IRA while you still work there (an in service rollover) - it depends on the plan. Check out these articles: http://en.wikipedia.org/wiki/401(k)_IRA_matrix http://www.schwab.com/public/schwab/research_strategies/market_insight/retirement_strategies/planning/saving_for_retirement_ira_vs_401k.html http://www.accumulatingmoney.com/can-i-rollover-my-401k-while-still-employed/

Hi Virgil, Annuities are backed by the insurance companies that issue them. The primary way to a... (Show entire answer)

Hi Virgil, Annuities are backed by the insurance companies that issue them. The primary way to assess the credit worthiness of the issuing insurance company is to check their credit ratings across a number of Credit Rating Agencies such as Moody's, Standard & Poor's and A.M. Best. Recently these credit rating agencies have come under fire for not adequately assessing the risks involved with sub prime mortgages that were packaged into securities (Mortgage Backed Secuirities) which were rated by these agencies (who were being paid by the packagers) and sold off to investors...we are all witnessing the results of that. If you want to buy an annuity one way to hedge the risk associated with an insurer going under is to spread your investment across multiple insurance companies by buying annuities from more than one insurance company. As with all purchasing decisions it is best to get multiple quotes and to talk with people that don't have an interest in whether you purchase or not - aka don't only talk to brokers. You may want to speak with a fee only certified financial advisor. Some reference sites: http://en.wikipedia.org/wiki/Life_annuity http://en.wikipedia.org/wiki/Credit_rating_agency

Hi VieuxScott, You may be able to do something like this with a Self Directed IRA. A self direct... (Show entire answer)

Hi VieuxScott, You may be able to do something like this with a Self Directed IRA. A self directed IRA can invest in almost anything - including real estate - so long as there is no personal use of assets bought by the IRA. http://en.wikipedia.org/wiki/Self_directed_ira You should probably talk to a Financial Advisor about whether a self directed IRA can hold your annuity though. NewRetirement offers some content on Financial Advisors and you can inquire to be contacted by one in this section: http://www.newretirement.com/Services/Professional_Financial_Advisors.aspx Good luck!

Hi Ctay, Basically what you need to do is run an analysis to see where the breakeven point is for... (Show entire answer)

Hi Ctay, Basically what you need to do is run an analysis to see where the breakeven point is for the two options. An example of what this looks like for whether to take social security at age 62 vs. 66 can be found at the link below: http://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx Does your employer's HR group offer any tools to help you model what the breakeven point is? There are a number of variables to consider including the benefit levels for each option, plus the projected change in your income from switching jobs. Bud Hebeler's site http://www.analyzenow.com/ has some good free programs to help you explore this yourself. You may also want to talk with Financial Advisor about your decision. This section gives you some background on the considerations for choosing a Financial Advisor. http://www.newretirement.com/Services/Professional_Financial_Advisors.aspx

Unfortunately you need to be 62 years old to qualify for a traditional reverse mortgage. You ma... (Show entire answer)

Unfortunately you need to be 62 years old to qualify for a traditional reverse mortgage. You may also want to explore a Home Equity Conversion - they are only available in certain states, but its an alternative method of tapping into the value of your home. You can learn more on our site here: http://www.newretirement.com/Services/Home_Equity_Conversion.aspx

Hi Kubbard, This is a difficult question since there are a lot of variables that affect what the ... (Show entire answer)

Hi Kubbard, This is a difficult question since there are a lot of variables that affect what the right path is, such as: - Are you prepared to pay the taxes today on the rollover if you roll into a traditional IRA and then convert that to a Roth IRA (which is how you would get into a Roth IRA). With a Roth IRA you pay taxes today and then you don't have to pay them on distributions later vs. with a traditional IRA you can avoid paying taxes today but you'll pay them later once you start taking distributions (and there are rules about when you have to start taking distribution). - your tax situation, how old you are, what other investments you have, what your income will look like going forward and many others In many cases choosing a Roth IRA vs. a Traditional IRA largely depends on whether your taxes are likely to be higher in the future (in which case a Roth IRA is better) or lower in the future (in which case a conventional IRA is better). Your best bet may be to ask a certified fee only financial advisor and/or check with a representative of the firm that is currently managing your 401K. If you want to connect with an advisor you can inquire to chat with someone here: https://www.newretirement.com/Services/Professional_Financial_Advisors.aspx Here are some additional resources on this question: http://en.wikipedia.org/wiki/401%28k%29_IRA_matrix http://en.wikipedia.org/wiki/Roth_IRA

Hi Bandlg, You can get a reverse mortgage on your house when you have an existing mortgage depend... (Show entire answer)

Hi Bandlg, You can get a reverse mortgage on your house when you have an existing mortgage depending on your LTV (Loan to Value) ratio. If you LTV is low enough, then the initial proceeds from a Reverse Mortgage are used to pay off the existing mortgage and then any remaining funds are available to you to use as you see fit. Some people choose to get a reverse mortgage, even if there are no funds remaining after closing out their existing mortgage - they do this so that they can get rid of their current monthly mortgage payment and improve their monthly cash flow situation.

You may want to consider a Home Equity Conversion product - they are only available in a few states,... (Show entire answer)

You may want to consider a Home Equity Conversion product - they are only available in a few states, but some of them allow a person to use a wider range of asset - such as commercial property, so they may allow the land value - you'd have to ask. You can read about them on this site. https://www.newretirement.com/Services/Home_Equity_Conversion.aspx

Hi Linda, If you mean commercial property that you don't live in full time, then it's unlike ly t... (Show entire answer)

Hi Linda, If you mean commercial property that you don't live in full time, then it's unlike ly that you can get a reverse mortgage on it. Today most reverse mortgages require that the reverse mortgage be on property that is your primary residence. Depending on what state you live in you may want to check out one of the new Home Equity Conversion products - some of these allow you to use commercial property, however these are only offered in a few states today. https://www.newretirement.com/Services/Home_Equity_Conversion.aspx

Yes - all the debts against a house need to be paid off if a reverse mortgage is taken out against t... (Show entire answer)

Yes - all the debts against a house need to be paid off if a reverse mortgage is taken out against the house.

Hi Mary, I looked on the SSA web site and found an answer that looks like it applies to your situati... (Show entire answer)

Hi Mary, I looked on the SSA web site and found an answer that looks like it applies to your situation - it looks like your benefit depends on whether you are claiming just your own or whether you spouse has also claimed his benefit. It seems to say that you can only get your reduced benefit based on your SS benefit before your spouse claims their benefit, however once they claim their benefit then you may be eligible to get a higher benefit based on their earnings. Since you have a complex situation you should call the SS office and discuss your situation before making any decisions. Copy and paste this link into your browser: http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=309

Hi Antonette, I looked on the SSA web site and found an answer that looks like it applies to your s... (Show entire answer)

Hi Antonette, I looked on the SSA web site and found an answer that looks like it applies to your situation - it seems to say that you can only get your reduced benefit based on your SS benefit before your spouse claims their benefit, however once they claim their benefit then you may be eligible to get a higher benefit based on their earnings. Since you have a complex situation you should call the SS office and discuss your situation before making any decisions. Copy and paste this link into your browser: http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=309

If you are a US Citizen and earned enough SS credits to qualify then you should be eligible to recei... (Show entire answer)

If you are a US Citizen and earned enough SS credits to qualify then you should be eligible to receive a Social Security benefit. If you were paying US taxed when working abroad then you may have qualified. You can check with the Social Security Administration to see if you qualify for benefits. Check out these pages from the Social Security web site - copy and paste them into your browser - start after each "***". *** http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=182 *** http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=356

Hi Patty, I looked on the SSA web site and found an answer that looks like it applies to your situa... (Show entire answer)

Hi Patty, I looked on the SSA web site and found an answer that looks like it applies to your situation - it seems to say that you can only get your reduced benefit based on your SS benefit before your spouse claims their benefit, however once they claim their benefit then you may be eligible to get a higher benefit based on their earnings. Since you have a complex situation you should call the SS office and discuss your situation before making any decisions. Copy and paste this link into your browser: http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=309

Found more detail here - apparently there is a trial period when you can make more and then the inco... (Show entire answer)

Found more detail here - apparently there is a trial period when you can make more and then the income limits kick in: http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=317

Hi Kirt, If you mean Social Security Disability Insurance - it looks like once you qualify the am... (Show entire answer)

Hi Kirt, If you mean Social Security Disability Insurance - it looks like once you qualify the amount you can earn in a month and still receive benefits is $900 per month in 2007 and $940 per month in 2007. You should check the Social Security web site for more detail - there are also special situations. http://www.ssa.gov/dibplan/dqualify.htm

Unfortunately no - the value of the house needs to be greater than any current mortgage when you get... (Show entire answer)

Unfortunately no - the value of the house needs to be greater than any current mortgage when you get a reverse mortgage.

It's good that you asked this question - a reverse mortgage typically comes due when the borrower (y... (Show entire answer)

It's good that you asked this question - a reverse mortgage typically comes due when the borrower (your grandmother in this case) either passes away OR leaves the house. So - if she left the house to go into assisted living, then the reverse mortgage would come due - however if she weren't living in the house anymore - then she would have the option of selling the house at that time to pay off the reverse mortgage.

A lump sum distribution from a reverse mortgage that stays in your bank account could make you in-el... (Show entire answer)

A lump sum distribution from a reverse mortgage that stays in your bank account could make you in-eligible for Medicaid in Florida - since it would count towards the asset test. You may be able to get a reverse mortgage to get rid of your mortgage payment and not take a lump sum or you may be able to immediately use the money for some other purpose, so that it doesn't affect your assets - however you should talk with your Medicaid office and a Florida licensed reverse mortgage specialist before deciding what to do. Any lump sum from a Reverse Mortgage in Florida should not affect Social Security or Medicare, since they are not asset based.

You should check with the HR department of your previous company - they should also be able to help ... (Show entire answer)

You should check with the HR department of your previous company - they should also be able to help you get the answers you need. I would also find out the firm that administers the pension benefit and then contact them to ask for a financial report that reflects the financial health of your pension plan (how well it's funded, etc).

Every person can earn their own independent Social Security benefit based on their lifetime earnings... (Show entire answer)

Every person can earn their own independent Social Security benefit based on their lifetime earning... (Show entire answer)

Every person can earn their own independent Social Security benefit based on their lifetime earnings, so if you did enough work to be eligible for your own benefit then your benefit should be calculated independently of your future spouse's benefit. Couples shouldn't be penalized simply because they are married. If you were previously married, then it gets a little more complex: 1) If you are currently unmarried AND over 62 AND were married for 10 years, then you can collect benefits on your ex-spouse's record starting at age 62, provided that your spouse is also collecting benefits at that point. 2) If you remarry before age 60, then option 1 above isn't available unless your subsequent marriage ends, whether by death, divorce, or annulment. 3) If you are getting married after 60, then you should have 3 choices a) collect your own benefit b) collect your previous spouses benefit (option 1 above) c) collect benefits on your current spouse's record, if they are higher. Note: These rules are complicated and the SSA may change their guidelines, so you should check with your Social Security office.

H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act, would make numerous changes to federal la... (Show entire answer)

H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act, would make numerous changes to federal laws that regulate mortgage practices with the aim of combating predatory lending practices and providing certain protections to borrowers and investors. These changes include subjecting all mortgage originators to licensing and registration requirements, establishing minimum standards for creditors, and establishing various consumer protections, such as prohibiting excessive fees for certain types of mortgages. H.R. 3915 would require loan originators to participate in a Nationwide Mortgage Licensing System and Registry, NMLSR, that would be by nongovernmental entities or HUD in coordination with the Federal Banking Regulatory Agencies. H.R. 3915 would set the standards for this system, require HUD to determine if State Licensing procedures have met such standards, and authorizing the registry administrators to assess fees (revenues) to cover the cost of maintaining and providing access to information from the NMLSR. H.R.3915 would impose several private-sector mandates as defined in the Unfunded Mandates Reform Act, UMRA, on the mortgage finance industry, by creating a licensing and registration system for mortgage loan originators, setting new mortgage origination standards, and establish requirements for high-cost mortgages. see http://www.cbo.gov/ftpdocs/88xx/doc8804/hr3915.pdf

It depends on how old you are: If you remarry BEFORE the age of 60 you generally can't receive su... (Show entire answer)

It depends on how old you are: If you remarry BEFORE the age of 60 you generally can't receive survivors benefits from your first marriage - unless your second marriage ends, whether by death, divorce, or annulment. If you remarry AFTER age 60 or 50 if disabled, you CAN collect benefits on your former spouse’s record. You will also have a choice after age 62 - you can choose to keep your former spouses benefit or you may get retirement benefits based on the record of your new spouse if they are higher. Check out: http://www.ssa.gov/gethelp1.htm

A relative can pay off the reverse mortgage debt and keep the house once the reverse mortgage comes ... (Show entire answer)

A relative can pay off the reverse mortgage debt and keep the house once the reverse mortgage comes due - either because the homeowner/reverse mortgage holder died or left the house. You should check with the mortgage company about whether there are any early payment penalties if you want to pay it off before either of these two scenarios play out.

Some lenders are offering more aggressive terms now depending on the product, if you inquire to mult... (Show entire answer)

Some lenders are offering more aggressive terms now depending on the product, if you inquire to multiple providers (which you can do through this site) then you may see different terms.

Unfortunately I'm not sure of the answer - perhaps you should talk to a licensed reverse mortgage br... (Show entire answer)

Unfortunately I'm not sure of the answer - perhaps you should talk to a licensed reverse mortgage broker AND an eldercare attorney to get their input on this.

You can sell, but you'll have to pay off the accumulated reverse mortgage debt when the house is sol... (Show entire answer)

You can sell, but you'll have to pay off the accumulated reverse mortgage debt when the house is sold. So - you should see how much that debt is before you sell - if the debt is more than the house then you may not want to sell your house.

Hi Barbara, Here are some answers to your questions: 1) You and your spouse need to be 62 year... (Show entire answer)

Hi Barbara, Here are some answers to your questions: 1) You and your spouse need to be 62 years old and the house needs to be your primary residence. 2) There are no income requirements from social security, wages or other sources. 3) You do not need good credit to get a reverse mortgage. Please bear in mind that not everyone will qualify for a reverse mortgage - it primarily depends on your age, how much equity you have in your house and where you live (since there are HUD lending limits that vary by zip code). The reverse mortgage calculator may help you decide if you qualify: http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

Hi Racy, This article does a good job of reviewing the considerations when deciding whether to ta... (Show entire answer)

Hi Racy, This article does a good job of reviewing the considerations when deciding whether to take a lump sum or annuity. http://money.cnn.com/2007/01/29/pf/expert/expert.moneymag/index.htm?postversion=2007012911 A key consideration is how long you expect to live - if you take the lump sum, then there is a chance you can outlive your money. If you take the annuity option your stream of income benefit should last as long as you do.

Hi Brightcloudy, There are an increasing number of proprietary products being offered by differen... (Show entire answer)

Hi Brightcloudy, There are an increasing number of proprietary products being offered by different Reverse Mortgage providers. You can learn more about Reverse Mortgages and inquire to be contacted about them in this section of NewRetirement: http://www.newretirement.com/Services/Reverse_Mortgage.aspx Good luck!

IMHO (In My Humble Opinion) it depends on several things including - how close you are to retiremen... (Show entire answer)

IMHO (In My Humble Opinion) it depends on several things including - how close you are to retirement - how long you expect to live in retirement - your tolerance for risk The basic rule of thumb is - as you get closer to retirement you should shift your retirement portfolio to "less risky" investments - so that there is less volatility in your funds. It used to be that meant buying bonds in US companies - however in today's world "less risky" may equal more diversified...also people are living much longer these days so a bigger part of your portfolio may need to stay in riskier assets, which in theory should provide a greater return over time... Bottom line - talk to a trusted, fee based certified financial advisor.

Here are my thoughts: 1) Cut your expenses - do a thorough review of everything you spend money... (Show entire answer)

Here are my thoughts: 1) Cut your expenses - do a thorough review of everything you spend money on - from the big things like high interest (ex. credit card)debt, where you live and little things like newspaper subscriptions and going out for coffee. - sort through this and try to cut things to get this number as low as possible. There are often lower cost services for phone, cable, insurance, etc. out there. - if you own a home - consider taking out tax deductible debt (ex line of credit) on the house to pay down higher interest debt 2) Try to drive up your income - get a better paying job or ask for a raise - plan on working longer (more years) - delay getting Social Security until at least age 65 - hopefully longer 3) Look at other sources of income - reverse mortgages - life settlements - additional benefits that you may be eligible from the government or your employer 4) Look for tax efficient saving mechanisms - IRAs, 401Ks, etc - these will allow you to put pre tax money away - offering an instant return * There are several of these ideas in the NewRetirement site - maybe try their calculator. Once you have done that - hopefully you are now earning more than you spend. If you still have high interest debt then try to pay that off first - since it's typically hard to beat that return in any investment. Once your cash flow situation is fixed and you are saving money, then consider talking to a fee based financial advisor. Note: these are just a few ideas - there are books and sites written on this. Keep researching and hopefully taking action - Good Luck!

For a HECM loan - the home must be at least one year old and up to HUD standards. Certain provide... (Show entire answer)

For a HECM loan - the home must be at least one year old and up to HUD standards. Certain providers have proprietary products that a manufactured home is eligible for so long as it is built after June 1976. If you inquire about getting a reverse mortgage through NewRetirement - the service providers can supply more detail. http://www.newretirement.com/Services/Reverse_Mortgage.aspx

According to this article owning a dog is good for your health - it can lower cholesterol and blood ... (Show entire answer)

According to this article owning a dog is good for your health - it can lower cholesterol and blood pressure! http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/01/22/ndog22.xml

http://www.ssa.gov/pressoffice/pr/2007cola-pr.htm "Monthly Social Security and Supplemental Secur... (Show entire answer)

http://www.ssa.gov/pressoffice/pr/2007cola-pr.htm "Monthly Social Security and Supplemental Security Income benefits for more than 53 million Americans will increase 3.3 percent in 2007, the Social Security Administration announced today. Social Security and Supplemental Security Income benefits increase automatically each year based on the rise in the Bureau of Labor Statistics' Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from the third quarter of the prior year to the corresponding period of the current year. This year's increase in the CPI-W was 3.3 percent. The 3.3 percent Cost-of-Living Adjustment (COLA) will begin with benefits that nearly 49 million Social Security beneficiaries receive in January 2007. Increased payments to more than 7 million Supplemental Security Income beneficiaries will begin on December 29."

Based on the SSA's web site it looks like you can work and collect benefits IF you have reached full... (Show entire answer)

Based on the SSA's web site it looks like you can work and collect benefits IF you have reached full retirement age, however since you are receiving your deceased husband's benefit you should call the SSA and ask directly. http://www.ssa.gov/pubs/10024.html Scroll down this page and you see this: "If you work and get benefits You can continue to work and still receive retirement benefits. Your earnings in (or after) the month you reach full retirement age will not reduce your Social Security benefits. However, your benefits will be reduced if your earnings exceed certain limits for the months before you reach your full retirement age. If you work but start receiving benefits before full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit. In 2006, the limit is $12,480. In the year you reach your full retirement age, your benefits will be reduced $1 for every $3 you earn over a different annual limit ($33,240 in 2006) until the month you reach full retirement age. Once you reach full retirement age, you can keep working, and your Social Security benefit will not be reduced no matter how much you earn."

About Me:

This user has not entered a profile. If you are SilverSurfer, log in here to update your information.