Should a Reverse Mortgage Be Part of My Retirement Plan?

How to use a reverse mortgage to protect your retirement income. In his study, Pfau examined six ways to use a reverse mortgage as part of retirement-income plan and the upshot is that homeowners now have a framework for deciding which strategy might be best for them.

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Hamrick talked with Fox Business to discuss why retirement savings are worse now than before the great recession. boomer: If.

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For seniors 62 and over reverse mortgage is a feasible option. Homeowners can access the equity in their home, live mortgage and loan payment free, and no repayment is due until the last borrower passes or permanently leaves the home at which time there are options.

A recent New york times article offers a concise 5-year countdown-to-retirement plan, with the final year of the timeline being the time to -cautiously – consider a reverse mortgage. Offered as a way to make ends meet if you’re planning to stay in your current home, reverse mortgages are a "fourth- or fifth-tier line of [.]

However, you could make the argument that home equity planning is more fundamental to financial planning than long-term care planning. Financial planners should consider reverse mortgages as part of a retirement plan While financial planners may not recommend reverse mortgages to.

Wade Pfau, a Professor of Retirement Income and Director of McLean Asset Management, supports the idea of getting a HECM reverse mortgage with a line of credit sooner rather than later. In other words, using a reverse mortgage as part of a retirement plan, rather than as a last resort once all else has failed.

The BCCRR paper I mentioned earlier has a good example comparing a trade-down to a reverse mortgage, but trading down is an option you should also discuss with a reverse mortgage counselor. In fact, it might be worthwhile to pay a financial planner a flat fee of, say, $200 to $300, to run the numbers on both options.

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You could delay retirement by a couple of months or years, plan to downsize your home or move to a more affordable area, or work part-time in retirement so you don’t strain your savings.