Housing wealth is one of the largest, if not the largest, assets on the balance sheet for retirees today. However, many retirees simply pay off their mortgage and let their housing equity sit idle.
There's nothing inherently wrong with this line of thinking because being debt-free is often a goal for most people. However, you may want to look at a reverse mortgage as a tool in the toolbelt to achieve your ideal retirement, minimize taxes, and age in place.
A big thank you to George Vrban, a reverse mortgage specialist with Movement Mortgage, for joining us on this episode and providing education on how this strategy fits into a retirement income plan.
For me personally, my conversation with George has shifted my mindset from thinking of home equity as a "last resort," to using it as a potential strategy to maximize retirement wealth and tax efficiency.
Additionally, the reverse mortgage can also be used as a line of credit, not just an income stream, which can be invaluable in case of an emergency.
Finally, I loved the idea of using the reverse mortgage for creative financial planning strategies like Roth conversions, or purchasing a dream vacation home!
Here is a link to George's contact information.
office: 904 616 8181
email: [email protected]
Here's a link to Ep. 24 - Self funding long-term care expenses
I always love to hear from you all, so never hesitate to email me directly: [email protected]
If you are interested in working with me 1x1, we are currently on a waiting list for Q2 2024. If you have saved between 2 million - 5 million in retirement assets and you're looking to maximize spending, minimize taxes, and maximize your financial legacy to your children, our firm was built to serve you!
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