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Tag Archives: financial security

Attention Downsizing Baby Boomers – Sell Your House, Protect All Your Equity, and Pay NO Capital Gains Taxes with this Simple Strategy Using Tools Congress Gave Us

Attention Downsizing Baby Boomers – Sell Your House, Protect All Your Equity, and Pay NO Capital Gains Taxes with this Simple Strategy Using Tools Congress Gave Us

Many of my parent’s friends who have fortunately accumulated significant equity in their homes over the last several decades are faced with a dilemma of downsizing into a smaller home because they can no longer conveniently or adequately take care of their properties.  Importantly, many of them desire a simpler-smaller property, usually all single-level, accessible and easy to maintain.  The problem exists because if they sell their home with substantial equity they face significant capital gains exposure even with the IRC Section 121 exclusion in place.

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How To Avoid The Big Housing Crunch Awaiting Many Baby Boomers

How To Avoid The Big Housing Crunch Awaiting Many Baby Boomers

There Are Dire Predictions For Baby Boomers But It Can Be Overcome With Planning

Those American Baby Boomers born between 1946 and 1964 are facing some pretty serious issues in the foreseeable future none of which are as daunting as the cost of housing in their retirement years.  Notwithstanding the estimated costs of $220,000 a couple will need in retirement for health care costs housing costs will dwarf that number as most experts believe that boomers will be forced to spend in excess of 30% of their monthly incomes supporting their abodes.  The struggle is just beginning because housing costs, both for ownership and for rentals, is skyrocketing throughout the country.

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Straight Facts about Reverse Mortgages

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Reverse Mortgages Are Not For Everyone, But They Are Great Products For Certain Individuals In Their Retirement Years With Limited Cash Flow

You have probably heard the term “reverse mortgage” but do you really understand what one is?  A reverse mortgage is basically a loan homeowners older than 62 years old can utilize to convert part of their equity in their home into cash.  Retirees with limited income streams were originally the target audience for this product – the idea was that folks in their retirement years could benefit from the equity in their homes by having the home/bank make payments back to the homeowner instead of the homeowner paying the bank.  A borrower is not required to pay back the loan until the home is sold or otherwise vacated.  As long as a borrower lives in the home they are not required to make any monthly payments towards the note balance, however the borrower must remain current on the property taxes, HOA dues, etc.

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