Is it in your best interests to pursue a reverse mortgage? With the help of a financial advisor, you can determine the answer. (submitted photo)
Money Management MNCPA
One of the retirement planning resources that has gained interest in recent years is the reverse mortgage. A reverse mortgage allows you to convert part of the equity in your home into cash without paying additional monthly bills. If you’re 62 or older — and want money to pay off your mortgage or pay for other expenses — you may consider a reverse mortgage.
If you decide to look for one, the Minnesota Society of CPAs offers these three questions to ask so you can decide if a reverse mortgage is right for you.
Struggling with student loans? You're not alone.
The Consumer Financial Protection Bureau reports that U.S. student loan debt exceeds $1 trillion, and student loan debt among seniors 65 years and older has climbed a whopping 600 percent in the last decade.
A few weeks ago, the Consumer Financial Protection Bureau announced that it was gathering information about student loan servicers -- the companies responsible for collecting and processing student loan payments.
Financial Professionals Association
A retirement plan with a solid, well-thought-out income strategy serves as vital protection against the many risks that threaten a person’s income during retirement, risks such as outliving one’s assets, losing a sizable portion of a retirement nest egg in a financial or real estate market downturn, getting ambushed by a health crisis or long-term care need, and seeing assets erode faster than anticipated due to rising inflation.