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

YES!
For those with a HECM
In many cases you can get more money to use for whatever you need by refinancing your Reverse Mortgage. If you currently have a HECM (Home Equity Conversion Mortgage) refinancing it is called a “HECM to HECM”. Naturally, there will be new closing costs and a lot of technical things you will need to know to help you decide whether it is worth it to do it. We suggest you GO TO THIS WEBSITE and fill out the small amount of information requested and let a Professional gain an understanding about your situation and offer sound advice. These Professionals are a great information source for specific situations and they offer their advice without strings attached.

For those with a JUMBO Reverse Mortgage
The new higher county limits that are coming in the next few months on HECM loans will have a HUGE affect on you. You may be able to switch to a HECM loan and end up with more money in your pocket and lower your interest rate at the same time. Like the one above this can be a tricky decision with lots of pieces to the puzzle. We suggest the same in this case. GO TO THIS WEBSITE and fill out the form. A Professional will contact you and give you valuable advice at no cost or obligation to you.

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