RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Staying Put in Retirement? Survey Explores Income Options

June 14, 2016 2:21 am

Is relocating out of the question for soon-to-be retirees?

The majority of those closing in on retirement prefer to live out their golden years in their current home, according to a recently released survey by The American College of Financial Services. Eighty-three percent of respondents to the survey—The Home Equity and Retirement Income Planning Survey—do not want to relocate, and nearly all respondents have no desire to rent.

“One very interesting notion was that the desire to age in place increases significantly as you get older,” says survey author Jamie Hopkins, professor of Retirement Income Planning and co-director of The American College New York Life Center for Retirement Income Planning. “We saw more uncertainty between the ages of 55 and 62. But once we started getting past 62 and you start moving into retirement, we saw that these individuals really don't expect or want to leave their homes.”

Forty-four percent of respondents to the survey have considered tapping into their existing home’s equity in retirement, but just one-quarter (25 percent) are comfortable with using it as income.

Notably, just 30 percent of survey respondents demonstrated a basic understanding of reverse mortgages.

“This is really going to open a lot of eyes about just how little people moving into retirement with some home equity know about reverse mortgages,” Hopkins says of the findings.

As evidenced by the survey, reverse mortgages are worth consideration if only to educate the homeowner.

“Hopefully that's the biggest takeaway from this survey," Hopkins added. “Advisors and consumers need to start thinking about home equity, including reverse mortgages, as part of the retirement income planning process.”

Source: The American College

Published with permission from RISMedia.


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Wood or Wood-Like Flooring: What's the Difference?

June 14, 2016 2:21 am

Traditionally, hardwood floors added warmth and natural beauty to the home. These days, hardwood competes with copycat laminates and engineered wood floors, which can cost less. The differences between wood and wood-like flooring, according to Melissa Maker, host of the Clean My Space channel on YouTube:

Hardwood – Hardwood flooring is made of solid, natural wood. Costing between $6 and $15 per square foot, it is typically made with a tongue and groove system for easy installation. It is simple to sand and refinish, but is easier to damage and requires a healthy amount of maintenance to keep it looking great.

Laminates – The core of laminate flooring is made of high density fiber (HDF), as opposed to actual slabs of wood. The top layer is a photographic layer that mimics the look of hardwood. It won’t fool a discriminating eye, but at about half the cost of hardwood flooring, it will take more abuse, is easy to clean, and is installed using a tongue and groove locking system you can install or uninstall with ease.

Engineered Hardwood – A hybrid more expensive than laminate and costing about as much as hardwood, engineered hardwood has a core of plywood or HDF and a top layer composed of a hardwood veneer glued onto the core. It has the more natural characteristics of wood, but it handles heat and moisture better because of the core material. It may be refinished, but generally only once.

Despite their differences, all three types of flooring may be cleaned the same way, Maker adds. They should be swept or dust-mopped regularly, and cleaned with a drop of dish liquid and a capful of white vinegar mixed into a bucket of warm water.

Published with permission from RISMedia.


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