Funds for Long Term Care Insurance

We all know how exspensive long term care insurance can be.

If purchasing long term care insurance isn't an option for you, there are still some strategies you can use to cover that care should you need it. Selling your life insurance policies, called a life settlement, is one option. Reverse mortgages can also free up needed cash. Selling your home, however unpleasant that may be, can also provided needed funds. But in all of these strategies it is better to leverage those proceeds by using them to buy long term care insurance, if possible.

RTG Consultants can assist you with these tough decisions, please call 1-888-973-8377 to speak with a counselor.

Reverse Mortgages, the word is getting out

More and more seniors and their adult children are becoming aware of the reverse mortgage option and are educating themselves about the pros and cons. A major drawback to some is the expense of the loan. Despite the cost, the number of homeowners choosing the reverse mortgage has increased to 43,000 in 2005 from 6,600 in 2000, reports the U.S. Department of Housing and Urban Development (HUD) on its Home Equity Conversion Mortgages (HECMs) which make up 90 percent of the market. An estimated 13 million more seniors qualify for a reverse mortgage and that pool will grow tremendously as baby boomers begin to reach the age of eligibility in a couple of years, HUD reports.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist or fill out the Free Online Reverse Mortgage Quote Form.

Tax Impact of a Reverse Mortgage

Q. I am a 65-year-old widow and own my home, valued around $550,000. I would like to do some remodeling and am thinking of taking a reverse mortgage lump sum for about $50,000. What will that do to my income tax situation? I also own four rental properties and have a comfortable retirement income. Will the reverse mortgage put me in a higher income tax bracket?

A. A reverse mortgage will have no effect on your income taxes. You don't even need to report the income. There's a very good reason. Borrowed money is tax-free.

The only time reverse mortgage could affect your financial situation would be if you are receiving SSI (supplemental security income) or Medicaid (Medi-Cal in California). If SSI or Medicaid recipients don't fully spend their reverse mortgage income each month then their benefits can be reduced. But that doesn't sound like your situation.

I suggest you evaluate all three reverse mortgage plans: FHA, Fannie Mae and Financial Freedom Plan. Your eligibility amount is based on your age and your home's appraised market value. There is no personal liability. Repayment occurs only when you sell your home, permanently move out, or die.

You can elect to receive up to your maximum amount as a lump sum, credit line (except in Texas), lifetime guaranteed monthly income (even if you live to 110), or any combination.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist

Senior Settlement Mystery

So, if you are looking to boost your nest egg or just have some more cash to invest for your retirement, consider a senior investment if you are considering cashing in your life insurance policy. Senior, or life settlements, are not as mysterious as you may think and you will make out better than if you simply cashed in your life insurance policy. Just find out what your life insurance surrender value is and then shop around for some senior settlements and you will probably be very surprised at how much more profitable they are in comparison.

Find out more about senior settlements, by calling 1-888-973-8377 or visiting the Senior Settlement Questions page.

Reverse Mortgage Leads

Mortgage brokers, lenders, and loan officers have been searching our site for Reverse Mortgae Leads. Another Reverse Mortgage News and Information site that we help contribute to is Reverse Mortgage Lead. http://www.ReverseMortgageLead.com.

I guess because the word "lead" is in the domain, that most might think it is for "reverse mortgage leads", however it is a great site for current and updated Reverse Mortgage News and Information. Make sure you check it out.

For the brokers and others looking for reverse mortgage leads, Reverse Mortgage Nation who is a national Reverse Mortgage Lender, generates leads for their loan officers. You can join the Reverse Mortgage Nation by contacting them on their website.

Know the Reverse Mortgage Facts

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

In a “regular mortgage", you make monthly payments to the lender. But in a “reverse mortgage", you receive money from the lender and generally don’t have to pay it back for as long as you live in your home.

For a free booklet and education packet about Reverse Mortgages, please call 1-888-973-8377.

Life Settlement Appraisal

Time for a Life Insurance Policy Appraisal - Call 1-888-973-8377

If you believe you no longer need your Life Insurance Policy, it is still important to pause before allowing a lapse or surrender. Among other considerations, we should appraise your Life Policy to determine the current market value. All types of life insurance, term, universal or whole life can have market value much like real estate or equities. However, this market value would be gone forever if your Life Policy were to lapse. An appraisal is valuable information. Consider the case of a 71 year-old policyowner who could no longer afford his term insurance. Instead of letting the policy lapse and receiving nothing, he received a cash payout of $195,000 through a Life Settlement.

A Life Settlement Appraisal is free and there is no obligation, simply call 1-888-973-8377 or fill out our free online life settlement analysis form.