• Question
  • Good position for retirement?

    Asked by a 74 year old man from Tremonton, UT on 6/7/2012

    After selling our $400,000 second home which has $250,000 Mortage, and a monthly Retirement currently at $3400/month will we be in a good position for retirment? That is assuming we will qualify for a $220,000. reverse mortage on our second Home that is mortage free and valued around $350000.

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  • Categories: Housing, Tapping home equity

Answers

  • Editorial 


    NewRetirement

    San Francisco, CA

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  • Congratulations on having amassed some good resources for retirement! Real estate can be a really excellent nest egg that can be efficiently converted to cash for retirement. You probably are in a better position than most for retirement.

    I am a little confused by your question, but hope that the NewRetirement Retirement Calculator gave you some of the answers you were looking for.
    https://www.newretirement.com/retirement-calculator/default.aspx

    The calculator should have told you:
    - When you might run out of money
    - How much money you need
    - Risks that might interfere with your retirement planning

    Regarding a Reverse Mortgage, you can only qualify for a Reverse Mortgage if all title holders are 62 or older, you have sufficient equity and you must live in the home full time, Second homes do not qualify for a Reverse Mortgage.

    Get instant Reverse Mortgage loan estimates here: https://www.newretirement.com/reverse-mortgage-marketplace.aspx

    Other things to consider when deciding whether or not you are in a good position for retirement include:
    - Do you have a plan for Long Term Care? Most older Americans spend some time requiring long term care and these services are extremely expensive.
    -- Have you considered the potential impact of Inflation?
    -- What about longevity? People live so much longer now than ever before and it is important to be able to guarantee your required retirement income for as long as you live -- no matter how long that might be. Lifetime Annuities can be an excellent solution for guaranteeing income.

    You can learn more about Annuities here:
    http://www.newretirement.com/Services/Annuities.aspx

  • Login to rate this answer:   Answered on 6/7/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.