If you’re in good shape with your home mortgage —meaning it’s mostly or fully paid off — it might make sense to tap into your home equity to help reach your retirement goals. That’s according to David Mount, director with the Wise Investor Group, Reston, VA, in a guest article in The Washington Post.
“Reverse mortgages are a viable option for those with limited access to funds and a sizable amount of equity in their home,” says Mount. “You can either take out your equity in its entirety or opt to receive smaller amounts on a monthly basis over a longer period of time. Reverse mortgages are a bit more complex compared with a refinance or HELOC, so it’s important to do your research and speak with a loan specialist.”