Optimism and Growth
More Financial Planners recommended a Reverse mortgage as a tool for retirement planning in 2020 than in any other year in history. Why? Because the mortgage I payment is optional! Yes, if you are young 62 and are serious about your retirement on success ul terms then the options available with a reverse mortgage may be of interest to you.
If you were tempted to refinance your home mortgage in the last 5 y1ears to take advantage of the historic low rates then you have rewound the clock on your mortga~e payment for another 30 years. When you were 50 it seemed like a good idea to lower the payment and knock 11/2 or 2 percent off your rate. Fast forward 15 years and now you are 65 wit~ 15 more years of monthly payments to go, all the way to age 80! Maybe, not so good.
One big advantage of a Reverse Mortgage is that the payments can be made if you choose. If you decide to keep working or running your business and the monthly payments are easily made then keep the interest only payment going for the tax deduction and equity building while the housing market is very hot and inventory is very low. Then, when the time comes to retire and you reevaluate your plan you may decide to stop the monthly payments to increase spendable monthly income and enjoy the increased equity that you have accumulated in those high appreciation years. You may think of your home as many things; yo~r castle, your refuge, your family center but one thing it always is is your investment and many times the largest asset and investment you have.
Financial planners can help you calculate the advantage of keeping the monthly payment going or deferring it depending on the supply of monthly income from your rJtirement plan and market conditions. The unique credit line that can be a part of a Reverse Mo:rtgage is a special tool for helping to continue cash flow and consistency, the bedrock of a sucfessful retirement plan. This is the time in life when you count on performance and the security of having a credit line that can never be reduced, frozen or canceled is extra insurance for success, I Also, the unique feature of credit line growth of unused reserve funds, year over year adds to thle advantage of having a Reverse Mortgage as a tool for successful retirement.
These are serious times like no other we’ve seen in our lifetime. WitH the pandemic changing the way we do almost everything and the blurring of the future with unkn1own timelines for getting back to anything close to what we once took for granted as “normal” retirement is still an exciting option to think about and plan for. I wish for your great success and rest fortunes.
Donald Dinitruk is a Registered Financial Consultant ® and Registere Mortgage Advisor and is available for a free consultation about how a Reverse Mortgage may I ork for you at 831-4646464
stay independent and in their homes for as long as possible, while giving family members and caregivers well-deserved respite. During the pandemic the program adopted a new system of remote services for participants to meet their physical and mental health needs and help them stay out of institutional facilities.
To receive services please visit communitybridges.org/elderday or call (831) 458-3481.
In addition, a new program was developed with several community partners to meet the needs of seniors staying at home.
is a free online program that brings enrichment activities like yoga, art, music and support groups to seniors in their homes at no cost. It overcomes the digital divide to connect seniors to their community, engage in activities to improve cognitive processes and combat isolation. Low income seniors can receive a free tablet to help them join classes and stay connected. 2,700 classes were conducted in 2020! The Senior Center Without Limits is a partnership with Community Bridges, the City of Santa Cruz, Santa Cruz Parks and the City of Watsonville. To learn more and take a class go to communitybridges.org/ scwol.
provides over 60,000 door-todoor rides to seniors in Santa Cruz County. This free services takes seniors to medical appointments, ensuring access to crucial medical care. During the pandemic Lift Line expanded to provide rides to other essential services and participated in the Great Plates project. To find out if you are eligible for services please visit communitybridges. org/liftline or call (831) 688-9663. of seniors receiving home-delivered meals doubled and the program will serve over 160,000 meals! During the long months of the pandemic we have been a lifeline to seniors and ensured the unhoused seniors we serve continued to receive daily meals. To sign up to receive meals please visit communitybridges.org/ mealsonwheels or call 831-464-3180.
Thank you to our generous donors who have helped us sustain our programs! If you would like to protect seniors that have contributed to our communities for generations, and ensure continued access to the vital services these programs provide, please visit communitybridges.org/ donate today.