Reverse Mortgage Jan-Feb 2021

Six Tips for Staying Home in Retirement By Merrill Lynch Wealth Management Note to our readers: This consumer-friendly column can be used by loan originators to help educate potential clients about per- sonal financial issues and ideas. TWO-THIRDS OF RETIREES say they are living in the best home of their lives, according to “Home in Retirement: More Freedom, New Choices,” a Merrill Lynch study conducted in partnership with Age Wave. Achieving your best home in retirement requires careful forethought and preparation. You’ll need to consider a range of factors to get the most out of your home in retirement including: Future Living Priorities: When deciding where to live in retirement, whether you decide to move or stay in your current home, carefully consider a range of priorities that will be important to you in future life stages. These may include affordability, climate, proximity to family and friends, recreational or cultural activities, opportunities for continued work, access to good health care, etc. Home-Related Expenses: Consider all expenses when forecasting potential home-related costs during retirement, including mortgage or rent payments; income, estate and property taxes; insurance; relocation; utilities; repairs and maintenance; and other expenses. Paying Off a Mortgage: Four out of five Americans age 65 and older are homeowners. Among them, 72 per- cent have fully paid off their mortgages, according to the Bureau of Labor Statistics. Assess whether you should pay off your mortgage before retirement. Paying off your mort- gage before you retire can create greater financial security and peace of mind. But there are many factors—such as Money Sense 6 REVERSE MORTGAGE / JANUARY-FEBRUARY 2021