How Long $1 Million in Retirement Will Last in Every State? | Reverse for Purchase now available in NY!

According to Schwab Retirement Plan Services, the average American needs a staggering $1.9 million to retire comfortably. However, with the average savings between ages 55-65 at just $197,322, many are left wondering how to bridge the gap.

This article delves into analyzed data on how far $1 million can stretch for retirees across different states. But here's the good news: a reverse mortgage can provide a lifeline for families in need of some extra financial support.

By unlocking home equity, your senior clients can access additional funds to supplement their retirement savings and cover essential expenses. Whether it's paying off debts, funding healthcare costs, or simply enjoying their golden years with peace of mind, a reverse mortgage offers flexibility and financial security. Check it out!

Big news for the “Empire State” of New York! We’re pleased to share that borrowers can now utilize a reverse mortgage for purchasing a home! This is a great option for “buying up” or keeping key cash liquidity vs paying all cash.

Plus, FHA now allows borrower concessions up to 6% of the Principal Limit. So, what does that mean for your borrower? When discussing the HECM product, these interested party contributions [or concessions] may include REALTORS®, builders, developers, lenders, and others with an interest in the transaction. Now, interested parties may contribute up to 6% of the sales price toward the borrower’s origination fees, closing costs, prepaid items, and more.

If you have senior clients in New York who may benefit from this opportunity, submit a reverse pre-qual or connect with your Plaza Account Executive today!