For some older homeowners, a reverse mortgage can be a good way to get some much-needed cash when their other sources of income aren’t enough. But it’s not always a good idea.

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.

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A reverse mortgage can be structured using the tenure payment to provide a monthly payment similar to an annuity or a pension. The tenure payment provides equal-sized cash payments for an indefinite length of time as long as the house is the primary place of residence, property tax,

plans, followed by Generation X, and lastly millennials. Where should I retire? MarketWatch will give you a customized list.

retirement nest egg. What About a Reverse Mortgage? If you own your home outright or have largely paid it off, you may be eligible to tap into your home’s equity for retirement income while staying there. A reverse mortgage allows you to borrow against your home. You don’t have to repay the loan as long as you live there.

A reverse mortgage can be an impediment to passing your property onto your heirs when you pass away because your heirs will be responsible for the repayment of the loan. In this scenario, the heirs could either repay the loan balance of the reverse mortgage out of their pocket, or sell the property to repay the loan.

And while most seniors do so out of necessity, a reverse mortgage can also be part of an investment strategy or insurance policy that extends retirement savings, provides income tax-free and keeps.

Your Complete Guide to Downsizing for Retirement: 14 Tips for a Happily Ever After. Make Downsizing Part of Your Overall Retirement Plan.. but need to improve your finances, a reverse mortgage may be a good option for you. 12. Think About Downsizing Belongings – Not Just the Size or Cost.

But a reverse mortgage can be used to manage many of the risks one might face in retirement. Reverse mortgages was the subject of a panel discussion at TheStreet’s Retirement, Taxes & Income.