Are Reverse Mortgages Safe? A Video Tip
Are Reverse Mortgages Safe? A Video Tip
With financial scams targeting seniors occurring with such frequency, it’s fair for senior homeowners to ask, “Is a reverse mortgage safe?” Since the first FHA-insured reverse mortgage was issued in 1989, many safeguards have been put in place to protect senior homeowners against unscrupulous practices. It begins with a requirement that seniors be counseled by an independent third party, usually by phone, to make sure they fully understand the terms of the loan. There is a “senior friendly” financial assessment that is also required, to determine whether the borrower can meet all the qualifying criteria. They must live in the home as a primary residence, keep up with the loan obligations of keeping the home well maintained, and stay current on their property taxes and homeowners’ insurance. There are also safeguards for eligible spouses of senior borrowers who are either not 62 at the time of the signing or not named on the title. Once a borrower passes or is moved to a care facility, the non-signatory spouse can remain in the home without any principal and interest payment obligation until they pass away or move out. To find out more about the strong consumer safeguards built into reverse mortgages, call us today.
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Video Guide: Calculate Your Social Security Benefits
Video Guide: Calculate Your Social Security Benefits
Video Transcript:
We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Or you can delay until age 70, and your monthly income will be 32% higher.
Your strategy needs to be based upon a number of factors: like how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets.
Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies.
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Annuities Guide Playlist – Financial Advisors
Annuities Guide Playlist – Financial Advisors
Do you want the consistent income of an annuity, but you’d like the option to decide how your funds are invested? You should consider a variable annuity. With a variable annuity, your funds are allocated to an investment portfolio. But you get to choose – from several options – as to how those funds are invested. Those options can include stocks, bonds, money market funds, stable income value mutual funds, and other investments. There is even a fixed rate option… within a variable rate annuity.
With a variable rate annuity, your return will rise or fall, depending on the performance of your portfolio. For this reason, variable rate annuities offer the highest return potential of any annuity… but also expose you to the highest market risk. If you want more control over how your money is invested – and are comfortable with greater investment risk to achieve potentially higher returns – you may want to consider a variable annuity. To find out more about variable annuities, call us today.
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Stocks vs Bonds – Which Should You Invest In?
Video: Stocks vs Bonds – Which Should You Invest In?
Stocks and bonds are two of the most common investment asset categories. When you invest in more than one category, you reduce your overall investment risk, so many people add a mix of both stocks and bonds to diversify their portfolio. The right mix depends largely on your financial goals, because these two asset classes play different roles.
Stocks are a form of ownership – a company sells shares to raise money. When you purchase a share of stock, you’re purchasing an ownership stake in the company.
Bonds represent debt – a government or company issues a bond, or an I.O.U., to raise money with the promise to pay back your original investment, along with regular interest payments.
The volatility of stocks makes them riskier than bonds, but they also offer the greatest potential for growth, especially in the long term. Bonds may offer more modest returns but are typically less volatile than stocks and are also advantageous for their income from the interest payments. For more information on the right investment mix for your financial goals, please give us a call or visit our website today.
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Medicare – Agent vs Broker
Video Guide for Medicare: Agent versus Broker
Choosing the right Medicare plan is important to maintaining continued good health. A Licensed Agent or a Licensed Broker can help with your search – but they operate differently.
An agent can match you with an appropriate Medicare program, but only those offered by a single insurance provider. That is called a “captive agent.” You may find a program that meets your needs, but your choices are limited to only those offered by that one carrier. A Licensed Broker can provide a choice of programs from a variety of carriers, providing you with more coverage options. A Broker is not tied to one provider’s offerings, so there’s a greater opportunity to find a program more precisely tailored to your medical needs.
An independent Insurance Broker can provide you with more choices, more personalized coverage, and the objective guidance you need… all at no cost to you.
To take advantage of a year-round, personal guide through the maze of Medicare, call us today.
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Video Tip: Controlling Your Debt
How to Control Your Debt: Short Video:
The average American household debt is increasing. Some debt is good, but some debt is bad. Good debt includes borrowing for a home or college education. Good debt is often defined as debt that can help you generate additional income or increase your future net worth. Bad debt includes buying things you use that won’t generate money in the future, like a boat or a high priced car. Save up and buy these kinds of things with cash, not with debt. Set aside a certain amount of savings each month just for this purpose.
Here are some other tips to help you control your debt. Always pay a bill when it’s due and don’t incur interest or late charges. Start paying off your most expensive debt first. For instance, if you’ve two credit cards and one has a higher interest rate, pay that one off first. Don’t fall into the monthly minimum payment trap. It will take many more years to pay it off. If you’re refinancing, just aim at reducing your interest rate and not consolidation of debt. Let us help you develop a debt management strategy as part of your overall investment plan. Give us a call today.
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Video: Fixed Annuities vs CD’s
Video: Fixed Annuities vs CD’s
Given today’s market volatility, many investors are searching for a consistent, low-risk way to grow their savings. CDs are often the first choice, especially when banks are offering an attractive, short-term promotional rate to attract new customers. An often-overlooked option is a Fixed Annuity. While Fixed Annuities may have fees depending on the features and optional riders associated with the contract, they are available in terms as short as one year and may offer a higher interest rate than CDs. But the big difference between Fixed Annuities and CDs is that Fixed Annuities are tax-deferred… CDs are not. The combination of a Fixed Annuity potentially paying a higher rate – and not having to pay income tax until you withdraw funds or receive a distribution – makes it a unique alternative to CDs. Before you put your money into a CD, consider the tax advantages of a Fixed Annuity. To find out more about Fixed Annuities, call us today.
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Seminar: Medicare 101 Seminar- Answer Your Questions
Guide Video: Seminar: Medicare 101 Seminar- Answer Your Questions
Navigating the Medicare process on your own can be confusing and frustrating. But there is a less stressful way to be sure you’re getting the Medicare coverage you deserve.
We would like to invite you to a free, informative “Medicare 101” seminar where you’ll learn the basics of Medicare and get all your questions answered. Get guidance from one of our licensed insurance agents – in easy-to-understand language – that will take the guesswork out of the entire Medicare enrollment process.
Some of the topics we’ll cover are: What Medicare Parts A and B Cover… and what they don’t. Medicare Advantage vs Medicare Supplement Plans. Medicare Costs: Premiums, Deductibles and Copays. What You Need to Know to Avoid Paying Medicare Penalties. Part D Prescription Drug Coverage and How It Works.
These seminars are an easy and convenient way to get all the step-by-step information you need to feel confident about your Medicare coverage decisions. But space is limited, so call us today to reserve your spot at our next educational, no obligation “Medicare 101” seminar.
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How Life Insurance Can Generate Retirement Income
Guide Video: How Life Insurance Can Generate Retirement Income
Many people don’t know that a whole life insurance policy can be a source of income for retirement. With a whole life policy, your premiums don’t change, and coverage lasts for the rest of your life. Whole life policies also accrue “cash value” over time, because a small percentage of the premium that you pay for insurance costs goes into a savings account that earns interest. The rate of return varies from company to company, and the cash value of the policy can be withdrawn as an additional source of retirement income. If the amount withdrawn doesn’t exceed the amount you’ve paid in premiums, that money will be tax-free. Of course, withdrawing these funds will reduce the death benefit to your beneficiaries, and withdrawing any dividends earned could be taxed as income. Before deciding whether a whole life policy is right for you, you should understand all your options by speaking with a financial professional. To learn more about smart retirement savings strategies, give us a call, or visit our website today.
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Life Insurance – What Type to Buy? A Video Tip
Life Insurance – What Type to Buy? A Video Tip
A life insurance policy protects your loved ones against the loss of your income after your death and helps to preserve their standard of living. You’ll name a beneficiary to receive the proceeds, and in exchange, you’ll pay premiums as outlined in the policy terms.
Once you’ve determined how much you need, factoring in future expenses and current debts, you need to decide on one of the four types of life insurance: term, whole, universal or variable.
Term life insurance covers you for a specific period of time, like one, two, ten or twenty years. The death benefit is paid only if you die within the policy term. Premiums generally start out lower, depending on your age, which allows you to buy more coverage.
Whole life or permanent insurance covers you as long as you pay your premiums. The policy accrues a cash value that you can collect if you terminate the policy. It pays a fixed amount on death, and premiums are usually higher than for term insurance. Universal life insurance is also permanent, but this option offers greater flexibility than whole or term. You can increase or decrease the cash value and death benefit if your needs change, with a related rise or drop in premiums.
Variable life insurance is another type of permanent life insurance, but with an investment component. The cash value is invested in sub-accounts similar to mutual funds. Variable life is considered a security because of its investment risk.
If you’d like to learn more about the pros and cons of different insurance policies, call us or visit our website today.
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