{ "media_type": "text", "post_content": "Family member is in their mid-70s still working FT but as an indep contractor and does not have employer backed retirement account. Income is close to $200k. Has reverse mortgage, some car loan debt, low assets, no life insurance. Has about $80k to invest. Should they (a) invest thru a financial advisory firm like Edward Jones (& pay applicable fees) or (b) simply invest their $ in low fee mutual funds or (c) something else entirely?", "post_id": "61a0f056ad1d960033b0ec15", "reply_count": 8, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Family member is in their mid-70s still working FT but as an indep contractor and does not have employer backed retirement account. Income is close to $200k. Has reverse mortgage, some car loan debt, low assets, no life insurance. Has about $80k to invest. Should they (a) invest thru a financial advisory firm like Edward Jones (& pay applicable fees) or (b) simply invest their $ in low fee mutual funds or (c) something else entirely?

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(b)

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Look up SEP IRA. I own a side business and have a 401k with EY an ira for myself and a sep ira for my business.

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It sounds like this person needs to be very careful to preserve their principle. They need to reduce their expenses as they can’t live on their assets and are already using their equity while still working in a high paying job. What will they do when they can’t work? Hopefully they are taking the reverse mortgage as a monthly draw and they didn’t take it as a lump sum and spend it already. The unfortunate challenge in this situation is that they need growth but can’t afford/don’t have time to make up for a drop. I think this needs to be invested very conservatively. Like 60/40 bonds and conservative equities.

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I’m more familiar with vanguard than TDA. Vanguard has target date funds, for example the 2025 Target retirement fund is currently 65/35 bond/stock. Vanguard target retirement fund is another conservative option. You can filter their mutual fund list for “balanced” and risk levels 1-5.

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Timeframe is tight, if this person needs guidance from an advisor I suggest using Vanguard. Theirs funds are low side in expenses and low advisory fee compared to EJ

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Why reverse mortgage and not cash out refi? My understanding of reverse mortgage is limited, but doesn’t the bank capture all the growth in the asset?

The banks do not get the growth in the asset but if the loan balance has grown to exceed the original home value, the bank can recoup up to the ending home value. There are some protections with reverse mortgages in that the bank cannot get more than the value of the house (ie, they cannot go after the estate for more than the value of the house even if the loan balance exceeds the home value). This could happen if the borrower lives a long time or home values decrease. Also, unlike a cash out refi, the borrower doesn’t make any payments on a reverse mortgage.

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