The Internet abounds with endless content on financial opinions and retirement savings. In efforts to cut through all the noise, U.S. News offered up 10 questions people should consider to boost their retirement IQ, even touching briefly on reverse mortgages.
The pool of retirement assets is diverse, from Social Security and pensions to IRAs and 401(k) plans. Other strategies such as downsizing into a smaller house or getting a reverse mortgage can also provide some extra wealth for their retirement.
But when it comes to reverse mortgages, U.S. News suggests readers do some research and weigh the costs to decide whether taking out the loan or moving into another residence is the best decision for them.
“Your home can be used to help fund retirement,” writes U.S. News. “Just remember that selling your house and then moving costs a lot of money. There are also significant fees involved in applying for a reverse mortgage. So, do your homework before you decide.”
Read the U.S. News article.
Written by Jason Oliva