Q. Our property taxes are due soon and we worry that we may not be able to pay them, as my wife and I had large care expenses this year. Are there any programs that we might turn to for help? A. Yes. California lawmakers have reinstated a program called the “Senior Citizens and Disabled Citizens… Read More »
Posts Categorized: Retirement Planning
IRS Now Endorses Annuity Inside Traditional IRA
Q. I just heard about a new IRS rule that gives favored treatment to the purchase of an annuity inside an IRA. Do you know anything about that? A. Yes. You refer to the new IRS rule that allows an owner of a Traditional IRA to use a portion of his or her IRA or 401K… Read More »
Alert: Reverse Mortgage Rules About to Tighten
Q. I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new! No longer will reverse… Read More »
New Reverse Mortgage Rule Protects Younger Surviving Spouses From Foreclosure
Q. I hear that there is a new reverse mortgage rule that protects younger surviving spouses from being forced out of their home when the older spouse dies. Do you know anything about this? A. Yes, a new HUD reverse mortgage rule went into effect on August 04, 2014, and seeks to protect certain surviving… Read More »
Dealing with the Home When Your Spouse Can’t Sign
Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that it may be easier for you to sell the home than it would be to refinance…. Read More »
Helping Parents With A Private Reverse Mortgage
Q. My parents are in their 80’s and could use some financial help to remain in their home. Fortunately, I am in a position to help, but my parents are reluctant to accept gifts. I heard something about a family loan that works like a reverse mortgage. Do you know anything about this? A. Yes…. Read More »
How To Reduce The Premium Cost for Long Term Care Insurance
Q. My wife and I are looking into purchasing long-term care insurance policies for the future, but we are concerned about the premium cost. Are there any ways to reduce the cost? A. Yes. While long-term care insurance is a good way to plan for the future, the premiums are not inexpensive as you have… Read More »
Low Interest Rates Good for Borrowers, Bad for Retired Seniors
If you’re nearing retirement and looking forward to living off the interest of your retirement savings you may have to consider staying in the job market for another year or so. Interest rates have hit record lows recently; a turn of events which is good for homeowners and borrowers, but very bad for seniors hoping… Read More »
How Does California Rank on the Long-Term Care Scorecard?
One of the primary concerns of the aging population is long-term care. As the life expectancy of Americans goes up so does the expectation that they will someday need some form of long-term care. You may not know whether that care will happen in a hospital, a nursing home, or in your own home, but… Read More »
Coming in 2012: Change for Retirees
Last month the Obama administration released their budget for the 2012 fiscal year, and included in that budget were a few things that retirees (or those close to retiring) will want to be aware of. If you own a business you may want to keep reading as well, as some of the proposals within the… Read More »