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Rules for Calculating Retirement Income Have Changed

In the September issue of Journal of Financial Planning there was a study that illustrated how more Americans at the later stages in life are carrying a home mortgage than was the case in the 80s and 90s.

Here are some of the highlights shown in the report...
For Americans that are in their 50s, the number carrying mortgages rose from 59.2% in 1980 to 68.8% in 2000. Like wise, Americans in their 60s and 70s had similar increase in numbers carrying mortgages, from 34% to 44.6% and from 19.9% to 25.1% respectively. When looking at the number of second mortgages carried by percentage, all ages had even more significant increases in percentages.

The study also highlighted the fact the those carrying mortgages are carrying larger balances, indicating what mortgage planners have been advocating for years. The facts are showing that those with the highest incomes are tend to be the ones who have the mortgages. Certified Mortgage Planning Specialists have been helping their clients grow their retirement incomes by utilizing their mortgage as a financial tool. They use a wide variety of strategies to assist their clients, many of which have been learned from studying how the wealthy managed their home equity (and still do).

CMPS designated mortgage professionals are on the cutting edge of helping financial advisors and their clients properly integrate the mortgage into an overall financial and investment plan. Even if those already in retirement, the mortgage planning process can assist with reverse mortgages, alternatives to reverse mortgage and other home equity management strategies to fund retirement and accommodate their ever-changing cash flow needs.

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