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moves, or transfers the property to a new owner. You must remain current with property taxes, homeowners’ insurance, and any Homeowners’ Association (HOA) fees, in addition to maintaining your home in good condition and repair. The amount an HECM is worth depends on a number of factors, including the appraised value for the home and the age of the borrower. An HECM is only available to homeowners who are at least 62 years of age; and the older the borrower, the more value is available to him or her. HECM proceeds are generally not considered taxable income. There are several options/strategies available with the HECM, including putting an HECM credit line in place. If left untouched, the available credit line grows and the borrowers can then draw the entire credit line or a portion thereof at some point in the future, regardless of their home’s value. Utilizing this strategy at 62 years of age allows for tax-free income to be available to assist with major life events throughout retirement, such as
unforeseen health care costs or the death of a spouse.
The HECM can be a powerful financial option, if your home qualifies, and offers tremendous value when planning income stream strategies for retirement. Fees and expenses can be significant with a HECM so be careful to review these carefully. Downsizing Many retirees choose to downsize. There are many reasons why downsizing might be an ideal strategy for retirement, such as lifestyle or health changes. The demands of medical expenses and care may also call for downsizing. Selling your home and moving to a more affordable place can help make your monthly budget more manageable. A lot of retirees are tired of all the housework and maintenance that comes with a bigger home. Downsizing to a smaller property means less time dedicated to chores and lawn care. Plus, moving to a smaller home may also save you money on mortgage
payments, property taxes, and monthly bills. According to the U.S. Department of Energy, heating and cooling accounts for 42 percent of your energy bill. If your square footage decreases, so will your energy bill. Just like planning for retirement, there are many options regarding homeownership when you are in retirement. If you’re considering any of these strategies, make sure you clearly understand the options, costs, and what value they can bring to your life by talking to highly experienced professionals knowledgeable in their fields of expertise. Please contact us for further guidance and referrals to professionals who may help.
SUDOKU
These shrimp skewers are a quick way to add some surf and turf to your cookout. Pair them with a vinaigrette salad for a side dish that complements without overwhelming the main event.
INGREDIENTS
Creole Seasoning Ingredients • 2 tablespoons paprika • 1/2 tablespoon garlic powder • 1/2 tablespoon onion powder • 1/2 tablespoon cayenne or chili powder • 1/4 tablespoon dried oregano • 1/4 tablespoon dried thyme 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well- cooked (6–8 minutes).
• 1/2 pound raw shrimp, peeled and deveined • 1/2 pound cooked sausage, cut into 1-inch pieces • 2 zucchini, cut into 1/2-inch cubes • 2 tablespoons extra-virgin olive oil • Wooden skewers, soaked in water for 30 minutes 1. Heat your grill to medium-high. 2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. DIRECTIONS
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