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:
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.
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