“California Screaming” - A Senior’s Guide to Living in California!

Thinking of retiring in the Golden State? Then you will need lots of Gold to stay here!

We all love California for many reasons, but mostly it’s bugless nice weather, Prop 13 tax protection and beaches keep us here. However, we rank 48th in the nation for the best places to retire, ouch! I guess the “Sunshine Tax” is a real thing and there is no sunscreen for it.

Ok, let’s open the hood. We lead the nation in sales and income tax and compete fiercely for first place in gas prices and the highest cost of living overall. We rank #1 in the cost of housing, while our Capital gains tax is the highest in America. Throw in some 40-year inflation, skyrocketing interest rates and unforgiving banks in a credit crunch and you now have a retirement issue. Our state’s fiscal budget is 32 billion dollars under water but who’s counting?

In my last reverse mortgage seminar, I asked the attendees how they are surviving? Plastic and 401K’s were the answers. Ironically, a recent CNN report showed an increase of 36% of people tapping into their 401K’s (called hardship withdrawals) from last quarter. In addition, credit card debt has topped 1 trillion dollars and the delinquency rate just hit 7.2%.

So, what are you going to do? Go to your local bank? Ain’t happening! (Credit crunch means banks are not lending). Gonna sell and move? Not a chance, most everyone wants to stay in their home forever and not run out of money. It’s time to look at another alternative!

If you are 62 years of age and own your own home, you might be able to improve on your current living situation and enjoy a more comfortable retirement. At Green Monarch we offer reverse mortgage solutions, allowing homeowners to unlock their home equity and take control of their financial well-being. The program has changed, it is so much better now.

The innovative approach of a reverse mortgage eliminates mortgage payments, empowering seniors with substantial savings and providing them with additional financial flexibility. Green Monarch has also streamlined qualification requirements, ensuring quick access to funds and the prompt establishment of a Line of Credit. By alleviating financial obligations, seniors can regain their independence and create a more promising future.

California is a beautiful place to be and while it is quite expensive to retire here, you can make moves that allow your dreams to come true.

Golden retirement in the Golden State.