04 Apr I want to cash out annuity to pay reverse mortgage. What’s next?

Q. I am 80 years old. I have some money that I would like to withdraw from an annuity to pay off a reverse mortgage. Should I look for a CFP or a CFA who charges a fee only for the little time to advise me? I am confused as to what to do and I don’t want to make the wrong move.
— Cautious

A. You’re smart to want to get professional advice before making such an important decision.

You do have options.

Both CFPs — certified financial planners — and CFAs — chartered financial analysts — are fiduciaries, which means they are held to a higher standard of care, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

“This care always places the client’s interest above their own and they must act in the best interest of the clients that they are serving,” D’Agostini said. “They must avoid and disclose any conflict of interest.”

She said the relationship is based on trust and good faith.

“These professionals should have the ability to provide advice through hourly billing and should be able to consult on your matters,” she said.

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This story was originally published on April 4, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.