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Baby Boomers, the Beatles and Retirement

robbie loker
by Robbie Loker; reprinted from The County Times

Each day more than 10,000 individuals turn 65. The group now reaching their 60s, known as the Baby Boomers, is turning traditional retirement on its head.

Not content with sitting in a rocking chair, collecting Social Security and wondering if those lyrics to that well-known Beatles song apply,  “… will you still need me, will you still feed me …, “  these men and women are re-defining the golden years. Whether it is learning a new skill, a new sport, or taking time to find their passion in volunteer opportunities here and abroad, today’s retirees are on the move.

Any major milestone reached comes with an assessment, time is taken to to reflect on what the next phase of life will bring. Many will choose to continue working either in their life’s work or explore an encore career in an exciting new field. Some will decide it’s time to relocate closer to the grandchildren, other family members or to a climate more conducive to year-round outdoor activities. Others will take stock of their current surroundings and decide that some delayed renovations are needed, particularly if they are adamant that they will stay in their home for as long as possible. Plans are made and the future is bright.

And then life happens.

An aging parent becomes incapacitated and needs in-home care that the healthier parent can no longer provide or afford. A ruptured relationship results in an adult child with little ones moving back to the family home. The portfolio that seemed so promising now appears inadequate to meet these new demands. Retirement dreams get put on hold.

To fund these unexpected demands, one might look no further than their home sweet home. The federally insured reverse mortgage allows homeowners 62 and older to take out a percentage of the equity in their home to use for any reason. As a mortgage there are fees associated with the transaction and interest is charged on the funds accessed. The biggest difference is that there is no monthly payment – an attractive feature to those living on a fixed income.

While the house remains in the owner’s name and they are responsible for the taxes, insurance and general upkeep; payment is deferred until the last surviving owner is no longer in the home. At that time the estate determines how to re-pay the loan, either through other funds or by selling the home, paying off the debt and keeping any excess funds realized from the sale.

It is a fact of life is that many of the parents of today’s 50- and 60-year-olds are finding their own retirement years less golden than anticipated as they see the cost of living eating away at their retirement nest egg. Many are ill-prepared for the expense of a major home repair or extensive in-home care.

These parents are proud and do not want to become a burden to their children. Perhaps the greatest comfort a child can give their parent is to suggest that they explore the option to use some of their home’s equity via a reverse mortgage. It can be a life changing, life enhancing experience for all involved whether you are 64 or 94.

Robbie Loker is a licensed Reverse Mortgage Consultant with Primary Residential Mortgage Inc. in California, MD.

Primary Residential Mortgage is at 23131 Three Notch Road, Suite 201, California, MD  20619; 301-737-0001.

To learn more about Primary Residential Mortgage in California, MD, visit their Leader Member Page.

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