A retired North Jersey couple will have an additional $9,000 this year, thanks to advice from Andy Aran and Tim Parker at Regency Wealth Management. Despite a sizeable retirement portfolio, the couple was turned down when they sought to refinance their mortgage. Advice from Regency helped them to make good banking connections, describe their resources clearly, and save money.
The couple initially approached a bank on their own, hoping for an interest rate lower than their current six percent. But, because their income appeared to be limited to social security, they were declined.
Mr. Aran helped them find a smaller regional bank, and Mr. Parker coached the couple to show the new mortgage lender their retirement portfolio. The result: a new mortgage, with an interest rate of less than four percent and a savings of $750 per month.
“Housing costs, including mortgages, maintenance, and taxes, are one of the most significant expenses for retirees,” Aran said. “When those expenditures decrease, empty nesters with no children or grandchildren enjoy more flexibility in their lifestyle choices.”
“The Regency Wealth team is committed to the overall financial health of their clients,” Aran said. “The scope of our interest in our clients’ well-being extends beyond traditional investment advice. We match clients with other service providers and information to help them make the best possible use of their resources.”
“We’re glad that this delightful couple will have more monthly spending power,” Parker said. “We know they will enjoy the added flexibility in their budget.”