Helping Seniors Make Informed Financial Choices

“The rules of retirement are changing as impending Social Security shortfalls create a huge need for new retirement tools,” says David Peskin, President of Senior Lending Network.  “The Reverse Mortgage is a viable option providing income that can supplement Social Security  benefits for millions of retiring Americans,” says Peskin, a leading consumer advocate of Reverse Mortgages.

Created and backed by the Federal government, the Reverse Mortgage is a well-established financial tool with a new sense of purpose.  It allows seniors age 62 and older to tap into their home’s equity in a loan that becomes due upon their death or relocation.

“Since an estimated 80 percent of seniors own their own homes, representing some $2 trillion in equity, the Reverse Mortgage has tremendous potential in stabilizing the finances of those dependent on an unstable Social Security system,” says Peskin.

 

The latest estimates are that Social Security will pay out more than it takes in by 2018 and it is slated for depletion by 2042.  This means future retirees will have to adjust their financial plans accordingly.  “Factor in rising household debt, which has nearly tripled for America’s elderly population since 1992, and the need for alternate financial tools is self-evident,” says Peskin.

 

On May 17th, Harry Gordon will be conducting a two-hour continuing education class for CPAs, life agents, and Certified Financial Planners as part of NAIFA’s continuing education series. 

The two-hour class will begin at 10:00 a.m. at Circus Circus in Reno. 

At the luncheon, which follows at noon, Harry will be the featured speaker.  His noon time talk will be on the increasing use of reverse mortgage proceeds to fund long-term care insurance. 

To reserve a spot or for more information, call Janet McFall, the program chairperson for NAIFA at (775) 888-4744.

 

ABOUT SENIOR LENDING NETWORK

Founded in 2003, the Senior Lending Network, a program by Mortgage Warehouse, was created to inform, educate, and assist seniors with an educational video and access to a qualified Reverse Mortgage expert in their area,.  The Senior Lending Network has, to date, helped thousands of seniors obtain the means to living a better life.  For more information, visit their website at www.seniorlendingnetwork.com.

Lake Tahoe Mortgage Corporation is the area’s representative for the Senior Lending Network.  Call us today at (775) 823-8400.