Best Gift for Mom: Financial Security

 

Ask your Mom how she feels about the family home and what she worries about. Then, as part of your Mother's Day card, next to the word "love" write down how much income she could receive on a monthly basis from a reverse mortgage. To get that number, go to the Reverse Mortgage Lenders Association's Web site and use its mortgage calculator. It will give you the potential amount your mom may qualify to receive based on her age, location and the value of the home.

That's how to really celebrate Mother's Day: The gift of financial peace of mind. It will be a gift she'll truly appreciate because you've taken away a huge worry. That's the Savage Truth.
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Terry Savage is an expert on personal finance and also appears as a commentator on national television on issues related to investing and the financial markets. Savage?s personal finance column in the Chicago Sun-Times is nationally syndicated, and she released her fourth book, The Savage Number: How Much Money Do You Need? in June 2005. Savage was the first woman trader on the Chicago Board Options Exchange and is a registered investment adviser for stocks and futures. A Phi Beta Kappa graduate of the University of Michigan, Savage currently serves as a director of the Chicago Mercantile Exchange Corp. She also has served on the boards of McDonald?s and Pennzoil.




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