Utah's Hope

Your house could be one of the most tax-efficient assets you own. For many retirees, taxes can take a significant bite out of their income. But what if the roof over your head could help you manage that tax burden more efficiently? On the next Faith & Finance Live, Rob West and Harlan Accola explain how a reverse mortgage may fit into a thoughtful retirement strategy. Then, it’s on to calls. That’s Faith & Finance Live, biblical wisdom for your financial journey. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.

Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.

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Before Covid, few of us had ever been subjected to a quarantine. But that experience effectively isolated us in a bubble. In a spiritual sense, sometimes believers are constantly isolated from the world in a self-imposed quarantine. We don’t want to be OF the world so we try not to be IN the world. Today on A NEW BEGINNING, Pastor Greg Laurie points out how that neglects one of our most important responsibilities. It’s the kick off of a new series in Acts called The Upside-Down Life.

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Your home may be more than a place to live in retirement. For some homeowners, it can also become a strategic financial resource—one that may help manage taxable income, protect investments during market downturns, and create greater flexibility around retirement withdrawals.

Harlan Accola, who leads the reverse mortgage team at Movement Mortgage, joined the show today to explain how a reverse mortgage—specifically a Home Equity Conversion Mortgage, or HECM—can fit into a thoughtful retirement income strategy.

A reverse mortgage is not right for everyone. But when used carefully as part of a broader financial plan, home equity may provide retirees with options they would not otherwise have.

One of the most common misconceptions about reverse mortgages is that homeowners sell or give up ownership of their homes. That is not the case. A reverse mortgage is a loan secured by the home, and the homeowner retains title as long as the requirements of the loan are met.

Because the money received through a reverse mortgage is generally considered loan proceeds rather than earned or investment income, it is not typically included as taxable income on a federal income tax return.

That distinction can be significant in retirement.

Many retirees rely on a combination of Social Security, pensions, traditional IRAs, and 401(k)s. Withdrawals from tax-deferred retirement accounts generally increase taxable income, potentially affecting tax brackets and other income-based thresholds.

Home equity can provide another source of cash. Instead of withdrawing every needed dollar from a traditional IRA or 401(k), a retiree may be able to strategically use home equity for a portion of living expenses. That could reduce the amount that must be withdrawn from taxable retirement accounts in a given year.

The goal is not simply to avoid taxes. It is to thoughtfully manage when and how taxable income is recognized.

Taxes in retirement are often about timing.

Withdraw too much from a traditional retirement account in one year, and you may move into a higher tax bracket or cross other important income thresholds. Later in retirement, required minimum distributions can further limit how much control retirees have over taxable withdrawals.

Social Security also adds another consideration. Depending on a retiree’s income, up to 85% of Social Security benefits may be subject to federal income tax. That makes coordinating income sources especially important.

For some retirees, access to home equity may allow them to take smaller taxable distributions during certain years while drawing on a reverse mortgage for additional cash needs.

Meanwhile, money that remains invested has more opportunity to continue growing.

That does not mean borrowing against a home is always preferable to withdrawing from investments. Reverse mortgages have costs, interest accrues on the loan balance, and using home equity reduces the equity that may otherwise remain available later.

The question is whether strategically combining these resources could produce a better overall retirement outcome.

Home equity may also play a role in Roth conversion planning.

A Roth conversion involves moving money from a traditional IRA or other eligible tax-deferred retirement account into a Roth IRA. The amount converted is generally taxable in the year of the conversion, but qualified Roth withdrawals in retirement are tax-free.

For some retirees, converting portions of traditional retirement accounts during lower-income years can make sense. The challenge is paying the resulting tax bill.

Suppose someone converts a significant amount

You love your spouse. So why are you experiencing serious trust issues in your marriage, family, and even your faith? Licensed counselor and author Ron Deal and his wife Nan get honest about the hidden places we look for security, validation, and identity—and how those misplaced expectations quietly strain our closest relationships. If you've ever felt disappointed, guarded, or emotionally exhausted, this conversation just might unearth what's really going on.

Show Notes and Resources

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Many kids today feel overly pressured to perform well in sports. Brian Smith and Dr. Ed Uszynski speak with Jim Daly on how parents can have a proper perspective on when their kids play sports. Also, Danny gives you some encouragement if you realize you've been putting too much pressure on your kids in athletics. Find us online at focusonthefamily.com/parentingpodcast. Or call 1-800-A-FAMILY.
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What will heaven be like? Does everyone go there? Grammy-nominated singer and beloved television host, Sheila Walsh, shares from her new book, The Hope of Heaven: How the Promise of Heaven Changes Everything. Sheila shares why what we believe about heaven shapes how you live today! If you’re looking for encouragement, or a fresh glimpse of God’s love for you and your family, Sheila shares the incredible hope we have in Jesus Christ.
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Just as home offers belonging, rest, and security, so does a relationship with Jesus Christ. This article explains how to join God's eternal family. 
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What does heaven teach us about God? In this audio collection, you’ll hear stories and biblical insights about heaven from Focus on the Family with Jim Daly, featuring guests like John Burke, Lee Strobel, Randy Alcorn, and Erwin Lutzer.
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Generosity can begin with a simple gift—but when it becomes a family rhythm, the impact can last for generations. We want our children to experience the joy of giving, but benevolence rarely develops by accident. On the next Faith & Finance Live, Rob West and Sharon Epps present practical ways to cultivate a spirit of altruism in the family—from the early years through adulthood. Then, it’s on to calls. That’s Faith and Finance Live . . . biblical wisdom for your financial decisions. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.

Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.

To support the ministry of FaithFi, click here.

To learn more about Rob West, click here.

To learn more about Faith & Finance Live, click here.

See omnystudio.com/listener for privacy information.