America’s retirement accounts have reportedly lost over $2 trillion in the past 15 months, or 20% of their values. Many Americans are having to put off retirement, work longer hours, and/or put off major purchases because of the recent turmoil in the markets.

From the Examiner.com, 10.7.08

WASHINGTON (Map, News) - Americans’ retirement plans have lost as much as $2 trillion in the past 15 months, Congress’ top budget analyst estimated Tuesday.

…”Unlike Wall Street executives, America’s families don’t have a golden parachute to fall back on,” said Rep. George Miller, D-Calif., the panel chairman. “It’s clear that their retirement security may be one of the greatest casualties of this financial crisis.”

Wall Street executives are seemingly benefitting from the current crisis at the expense of the average American. However, many people entering retirement or nearing retirement are overlooking or simply don’t know about the potential that reverse mortgages have to offer financial security—a reverse mortgage can be their “golden parachute” providing retirement income regardless of how their retirement accounts are faring in the current economic downturn.

The stock market downturn and credit woes don’t have to limit your retirement planning. Click here to contact a reverse mortgage professional today for a no-obligation consultation and learn how a reverse mortgage can be your retirement safety net. Or call toll free: 1 (888) 371-4943.

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think

The following article from the New York Times gets right to the heart of the matter - having enough of a nest egg to make your retirement years comfortable and secure. For those who don’t, a reverse mortgage is one of your best possible options.

Retirees Filling the Front Line in Market Fears

By JOHN LELAND and LOUIS UCHITELLE
Published: September 22, 2008
Older Americans with investments are among the hardest hit by the turmoil in the financial markets and have the least opportunity to recover.

John Ricksen for The New York Times

Robert Waskover, 79, of Palm Beach Gardens, Fla., said that gasoline costs and less income from his business have hurt him.

Dilip Vishwanat for The New York Times

Mary O’Connell, 76, of St. Peters, Mo., has no pension and counts on income from four stocks.

As companies have switched from fixed pensions to 401(k) accounts, retirees risk losing big chunks of their wealth and income in a single day’s trading, as many have in the last month.

“There’s a terrified older population out there,” said Alicia H. Munnell, director of the Center for Retirement Research at Boston College. “If you’re 45 and the market goes down, it bothers you, but it comes back. But if you’re retired or about to retire, you might have to sell your assets before they have a chance to recover. And people don’t have the luxury of being in bonds because they don’t yield enough for how long we live.”

Today’s retirees have less money in savings, longer life expectancies and greater exposure to market risk than any retirees since World War II. Even before the last week of turmoil, 39 percent of retirees said they expected to outlive their savings, up from 29 percent in 2007, according to a survey by the Employee Benefit Research Institute, an industry-sponsored group in Washington.

“This really highlights the new world of retirement,” said Richard Johnson, a principal research associate at the Urban Institute in Washington. “It’s a much riskier world for retirees, because people don’t have defined-benefit plans. They have pots of money and they have to worry about making it last.”

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think

TRUE STORY
An elderly woman went into her local bank branch to apply for a home improvement loan in order to replace the roof and gutters on her home as well as to buy a new air conditioning unit. Because she is on a low fixed income her “debt to income” ratio didn’t fit the bank’s profile and she was declined for the loan. The banker suggested she speak with a reverse mortgage consultant about the possibility of getting a reverse mortgage. Despite the “debt to income” problem, she was able to easily qualify for the government program. The reverse mortgage allowed her to receive a lump sum from which she was able to make all of her necessary repairs, pay-off some small debts and leave the rest of the money in an open line of credit to be accessed whenever she wanted. Being able to do this with no payments, principle or interest, was very important to her on a fixed income!
Want to see if this will work for you? CLICK HERE.

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think

TRUE STORY
After learning about Reverse Mortgages a regular mortgage loan officer started thinking about her grandfather. After we talked about the specifics it occurred to her that her grandparents may not be as well off as they seemed, even though their $350,000 home is paid for along with their cars. One of the telltale signs was that Grandpa would not let Grandma run the A/C in the 100-degree weather! She spoke with them and they agreed to sit down and talk. A Reverse Mortgage Professional was able to show them how to convert their home equity into a more comfortable living. Now they will be receiving over $150,000 in the form of $1000+/month Payments tax free for the rest of their lives. Even though a proud senior didn’t want to admit to need, it was still there. Think about the seniors in your life.

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think

YES!
But, this is very much a legal issue and you must get professional advice. Another post on this site, located here, explains Foreclosure. Educate yourself by reading it carefully. Then, it is important that you talk to an attorney, if you can afford one. You should also talk to a Reverse Mortgage Professional. (Please keep in mind that although your attorney may be a wealth of information he is likely NOT an expert on Reverse Mortgages. Very few regular mortgage people even understand them! Talking to both kinds of Professionals will give you the safest course.) I recommend The Professionals on this site. They are knowledgeable and will offer assistance at no charge or obligation.

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think

Submit your information in the form below and receive detailed information from a reverse mortgage professional about your specific situation.

Possibly Related Posts:

• Seniors Benefit From New Higher Loan Limits
• Reverse Mortgages Are a Bright Spot in a Weak Economy
• Seniors: How to Get Cash Tax-Free and Payment-Free
• Another Great Article Explaining Reverse Mortgages
• Reverse Mortgages — Much Better Than Most People Think