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006: HECM also great for those with homes already paid off!
- 2023/01/19
- 再生時間： 8 分
- ポッドキャスト
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サマリー
あらすじ・解説
This episode's title might confuse a lot of people at first. It is confusing because we are taught to "pay off the house" and then retire. What the real goal was to "eliminate having a house payment" and then retire. But what is forgotten is that the home is a monetary asset. It is worth thousands and thousands of dollars.
During our working years, we put our hard-earned money into one of 3 buckets: 1. savings, 2. retirement, 3. house (home equity).
We try to live off of our savings, put away money for retirement and buy a house to retire in. And if things go as planned, we we don't touch our retirement money or our home equity.
We are NOT taught that we can have a more comfortable retirement by using BOTH the money we put into our retirement AND the money we put into our home equity. We are not taught this because nobody taught our parents/grandparents that the HECM loan can convert a non-liquid asset with monetary value (home equity) into money that can be withdrawn with a phone call.
And if you didn't know this was an option... now you do!
Today's episode talks about how this can help retirees with fun expenses during retirement, and not-so-fun expenses but important ones.
Enjoy,
Mike & Team