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Are you getting close to retirement but aren’t sure if you will have enough of an income stream to enjoy your time in retirement? Financial Experts Joe and Al explore ways to produce more income with the largest asset many retirees own: their home. American College Professor, Wade Pfau, takes a look at the pros and cons of selecting a reverse mortgage and highlights why this tool no longer deserves a bad reputation. A reverse mortgage isn’t the right choice for everyone but Joe and Al explore other options such as downsizing to a less expensive home, mortgage options, alternatives to cash and possible tax consequences.

Important Points:

(1:03) – Median Net Worth & Home Ownership Rates

(1:56) – Banking on Your House in Retirement

(3:32) – Downsizing for Retirement

(5:34) – Section 121 Tax Exclusion

(6:35) – Proposition 60 (California)

(7:37) – True or False? Most baby boomers prefer to downsize to a smaller home during retirement.

(9:04) – Potential Mortgage Solutions

(9:45) – Tax Consequences: When You Borrow from Your Home

(10:10) – Reverse Mortgages

(10:45) – Interview with Dr. Wade Pfau, Professor of Retirement Income at the American College

(16:32) – True or False? Retirees 62 years-old or older can take a reverse mortgage without going through counseling.

(17:58) – Cons of a Reverse Mortgage

(18:58) – Making Money from Your Home

(20:18) – Email Question #1: If my home goes under water after I secure a reverse mortgage, will I or my children have to pay for the additional debt?

(20:58) – Email Question #2: Does it make sense for me to get a reverse mortgage to increase my cash flow so that I can delay claiming my social security benefits?

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Featuring Special Guest

Wade pfau

In 2013, Investment News named Wade Pfau one of the “20 people expected to shape the financial advisory industry.” Since then, IN has named him to their lists of industry leaders every year,...

About the Hosts

Joe Anderson

President

CFP®, AIF®

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the...

Alan Clopine

CEO & CFO

CPA, AIF®

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of...