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Recent Retirement Answers

Reverse mortgage equity requirement?
Asked by a 83 year old man from DE on 6/12/2013
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
63% for somebody that's 83. (Read More)
How does a reverse mortgage work?
Asked by a 59 year old woman from MI on 6/12/2013
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
It converts a portion of the value of your house into cash, and provides you with the cash without having to make a monthly payment to pay it back. The monthly payments come from the retained equity in your home. (Read More)
Qualified home?
Asked by someone from AZ on 6/13/2013
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Your parents can get a Reverse Mortgage if their manufactured home was released June 15, 1976, or later, and it's not on rented land. If it's not on rented land, it'll need to be permanently attached to the ground, as per HUD's guidelines, to qualify. If it's not attached permanently, it can be hired, and the company that does the work can be ... (Read More)
Seeking to refinance my reverse mortgage. Is it possible?
Asked by a 68 year old woman from VA on 6/13/2013
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Yes, as long as there's enough equity in your property - the refinance works very similar to a traditional mortgage refinance. (Read More)
When to take social security
Asked by someone from IA on 6/9/2013
Pete Woodring
Pete Woodring, RIA says
Many research sources indicate about half of all Americans file during their first year of eligibility – typically age 62. Unfortunately, for a good portion of these folks, this could be a costly mistake. Filing early could mean forgoing thousands - in some instances as much as hundreds-of-thousands - of dollars in total lifetime income ... (Read More)
What is your recommentation so my wife and I be set till we pass this life?
Asked by a 78 year old man from CA on 6/12/2013
Pete Woodring
Pete Woodring, RIA says
I would need more information about your annual spending, other sources of income, any other assets, etc. (Read More)

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