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Editor’s note: If Gail sold her home and invested those funds, she would not pay tax on any gain up to $250,000 ($500,000 if married) while divesting herself of the burdens of owning a large property. She could reinvest part of the funds in a smaller home, still be mortgage free and put the remaining money into investments that pay her a good return.
2. You can postpone drawing down retirement assets This idea follows the same formula as your social security and pension payouts. The longer you can delay receiving distributions from IRAs and 401(k)s, the longer they have to grow. Distributions from these types of assets are also often taxable, while a
4. You can protect your portfolio performance in a down market In a down market, your portfolio and cash flow may not be performing as you need. With a reverse mortgage, the incoming funds are able to protect you until the market picks back up again. Today’s retirees know that they need to be diligent and plan their 3. You can increase your cash flow income through retirement very Your monthly mortgage payment carefully. Beware of predatory mortgage practices and work only takes a chunk out of your income. with a reputable firm offering a fedBut since a reverse mortgage is paid off at the end of the loan term, erally insured reverse mortgage. With the advice of finance prono monthly payments are required fessionals you have hired, you can in the meantime. This leaves you with extra money make informed choices that accommodate changes in the financial in your pocket for immediate use. landscape. Monthly payments are contingent on maintaining your home as Craig Stevenson has been a mortyour principal residence, paying all gage loan originator for over 10 property taxes and homeowner’s insurance, maintaining the home and years and is the owner of Peninsula otherwise complying with loan terms. Mortgage Inc. in Sequim. Craig is a Read your loan paperwork carefully certified military home specialist with extensive experience in VA financing. and make sure you understand it. monthly reverse mortgage payment is not, because the government considers it a loan advance, not income. With a reverse mortgage, you may be able to afford to wait to begin taking taxable distributions and increase the amount of income the assets make available to you over your retirement.
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