TopRetirements.com has just recently produced their list of worst states to retire in. Starting from the worst it’s: IL, CA, NY, RI, NJ, OH, WI, MA, CT, and NV. The retirement community info site compiled a number of criteria in making its determination such as climate, taxes, and fiscal health of the state. Keep in mind that there is not a consensus regarding worst retirement states and consider that MoneyRates.com didn’t even have IL ranked. While a Reverse Mortgage for seniors may not be able to combat the climate issues of a state, it can address some of the financial obstacles that retirees may confront since the proceeds from a reverse mortgage are tax-free with no restrictions on usage. Borrowers may choose to receive their funds in a variety of ways including a lump sum, line of credit, or a combination of these options.
Reverse Mortgages For Seniors Common Uses:
- meeting daily living expenses
- reducing existing debt or paying for home maintenance and repair
- paying for health expenses, home care, and prescription drugs
- helping children and grandchildren
- purchasing a new home (as a primary residence based on state availability)
- preserving investment assets as part of an overall retirement planning strategy
- deferring social security benefits to optimize retirement wealth
If you are of retirement age, and are wondering what a Reverse Mortgage is there are a number of resources available. Be sure to check out the full extent of what Reverse.org has to offer if you are looking for Reverse Mortgage information. Also click on the following link if you desire to speak with someone or are looking for information on what a reverse mortgage is.
The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice.