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Astute homeowners 62+ are using this neat retirement tip

Astute homeowners across Florida and the USA are taking advantage of a new FHA insured product to establish a line of credit to use to complement their existing retirement portfolio.

Research from the Boston College’s National Retirement Risk Index 2010 has stated that few will be in a position where they do not have to use their home equity at all in their retirement. 

The question posed then is when are the smart people doing it?

The federally insured HECM Adjustable is a home equity conversion mortgage that allows you to establish a line of credit that grows over time, secured against your property. 

Once considered a product to be used only when savings run dry, the Journal of Financial Planning state there is a major advantage in taking out a HECM Adjustable as soon as possible, locking in the growth of the credit line early so it grows larger over time.

In fact, using the traditional financial planning “Monte Carlo” methodology, they state there is a 31-year wealth survival advantage to setting up the HECM Adjustable at 62, instead of waiting until your investment portfolio is exhausted.

The study states that this advantage may be increased further if interest rates were to rise in the future, which is generally considered inevitable.

By having another source of funds to draw on in retirement, you have the flexibility to manage your investments properly, without daily cash needs forcing you to make wrong decisions. 

Anything you do draw with the HECM Adjustable can be repaid penalty free at any time.

To find out more about how the HECM Adjustable works, please call us on 

1-800-792-1936 or e-mail saver@responsiblereverse.com

Alternatively, you can use the calculator below to find out your maximum limits under the HECM program.

Responsible Reverse Mortgage Inc is a licensed Florida Mortgage Broker incorporated in the State of Florida and has its registered address at: P300, 515 N Flagler Drive, West Palm Beach, FL 33401. NMLS#1212765

Reverse Mortgages are neither “endorsed” nor “approved” by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.