License #

David Viox NMLS19263
Rob Young NMLS20702

Wednesday

TAX FREE business start-up money for Baby-Boomers!

Kerry Hannon, contributing editor to Forbes magazine, who covers boomer careers, retirement, aging and personal finance writes about the millions of Americans who have started their business after age 50. In fact, she says that many of those self-made entrepreneurs are 60 and older which makes sense if you consider how long people are living and that the minimum retirement age is 62 for most people and continues to rise.
Hannon’s article, which is adapted from her book, What’s Next?: Finding Your Passion and Your Dream Job in Your Forties, Fifties, and Beyond (Chronicle Books), she points out that finding start-up money for a new business can be a stumbling block for boomers who don’t want to deplete their retirement monies. What can be done to help savvy seniors protect their assets while allowing them to pursue their dream of a second career?

Hannon lists 11 different options for finding money from personal savings, friends and family, banks, grants, HELOCs and even a crowd funding website to her readers.  These are all good traditional places to find money. However, I was disappointed to see that she failed to include one, tax -free place that a majority of seniors can access their own money to use to start up a small business, especially if they own their own home free and clear or they are carrying a small mortgage balance.  What is it? It’s a Home Equity Conversion Mortgage (HECM), more commonly known as a reverse mortgage.

It’s true! A HECM refinance loan allows homeowners to quickly and easily tap into the equity paid into the home.  A HECM loan is an FHA government insured mortgage. With a HECM there are no required monthly payments for as long as you live in the home- guaranteed!
If you are at least 62 years old you may be eligible for a reverse mortgage as long as you have good credit and the ability to pay your property taxes and insurance.  Financing your small business is a problem solved!

Want more FREE information? David Viox, HECM advisor, wants to answer your questions and give you more information in order to make an informed decision now about whether a reverse mortgage can help you. He is a reverse mortgage expert.  
More information about the HECM home loan can be found HERE

Or call David now, he is waiting to talk with you about your dreams of owning your own business.

David, 513-429-2122

1 comment:

Anamika said...

Its really great to plan about retirement, before you getting retire. Reverse Mortgage is helpful without tax income that can help you for your third innings.