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Re: how much does she need?
Old 01-27-2006, 12:03 PM   #21
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Re: how much does she need?

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Originally Posted by (Cute Fuzzy Bunny)
Any chance she can increase hours at work or take on a second, low key relaxed type of job part time or part time during the year? One of my neighbors works a few months a year during tax time just taking down peoples information and 'prepping' them for the meeting with the official tax person. Took a few days training up front, she makes a nice little lump of cash for the few months work.

Even if its just for a few years to put a little money into the system early and let it work for her.
Not now; she is having a tough time in her life.

Thanks all, I am starting to get my arms around this.

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Re: how much does she need?
Old 01-27-2006, 12:05 PM   #22
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Re: how much does she need?

All our best hopes and wishes for her going forward. Keep us posted and let us know if we can help.
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Re: how much does she need?
Old 01-27-2006, 12:20 PM   #23
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Re: how much does she need?

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Originally Posted by brewer12345
Using a 67 YO with a home value of 250k and a Minneapolis zip, I get a lump sum of $133k or a monthly check of $800. Not too shabby.

Weird. If I use a 67YO with a home value of $250K and her actual zip code, I get a monthly check of $667. So it pays to live in the big city? Either way, I am pleased with the reverse mortgage figures. (understanding that she is not 67 now and her home isn't worth 250,000 now. If she was 67 now and her home worth 125,000, she would get a bit more than $400 today)
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Re: how much does she need?
Old 01-27-2006, 12:24 PM   #24
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Re: how much does she need?

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Weird.* If I use a 67YO with a home value of $250K and her actual zip code, I get a monthly check of $667.* So it pays to live in the big city? Either way, I am pleased with the reverse mortgage figures.*
Bear in mind that we are talking about a federally insured mortgage program that may not even exist by the time this person retires. Given the large number of variables involved, I wouldn't take any of these numbers too seriously other than as an order of magnitude indication.

I think the take-home message is that if she can save 300 or 400 a month, she should be in reasonable shape when the time comes.
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Re: how much does she need?
Old 01-27-2006, 01:45 PM   #25
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Re: how much does she need?

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Originally Posted by brewer12345
Bear in mind that we are talking about a federally insured mortgage program that may not even exist by the time this person retires. Given the large number of variables involved, I wouldn't take any of these numbers too seriously other than as an order of magnitude indication.

I think the take-home message is that if she can save 300 or 400 a month, she should be in reasonable shape when the time comes.
I understand Brewer. Unfortunately, she can't plan a whole lot for the worse case. But all in all, good news.
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