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Financial Issues Related to Growing Older
Roxie Rodgers Dinstel
Tanana District HHFD Faculty
Topics
Choosing a financial advisor Reverse mortgages Living wills and other end of life issues Making the money last
Choosing a Financial Advisor
Verify Experience Evaluate credentials Compatible investment pattern No conflict of interest
Reverse Mortgages
The reverse mortgage allows you to convert a part of the equity in your home to cash.
Proceeds can be paid as a lump sum or as monthly payments.
No payback until you no longer use the home as a principal residence.
Requirements
62 years or older Own your house or have a low mortgage
balance that can be paid off by loan proceeds Live in the house
Reverse mortgage or home equity loan?Traditional second mortgage or home equity
loan, must have income and be able to pay the loan back
Reverse mortgage pays regardless of income and you don’t pay back until you no longer live in home
Do I want a reverse mortgage?Yeas Able to get needed
money Can stay in your house
Nays High upfront costs May have an adjustable
rate Overall costs are high Monthly service charge
Living Will
Includes medical treatments you want when you are incapicitated (what)
Can include a durable power of attorney for health care issues (who)
Five wishes
Wish 1-The person I want to make decisions for me when I can’t
Wish 2-The kind of medical treatment I want or don’t want
Wish 3-How comfortable do I want to be Wish 4-How I want people to
treat me Wish 5-What I want my loved
ones to know
Making the Money Last?
People are living longer Plan, Plan, Plan Health is an unpredictable factor Social Security Choices Consider working
And if the money is going to last and you are concerned about passing it on, make a gift.
What do you do?