Taking out a reverse mortgage is one of 10 ways older Americans can fund their retirement, advises U.S. News in a recent article.
“You can use the equity you have built up in your home to help pay for retirement if you downsize to a less expensive house or take out a reverse mortgage,” writes Emily Brandon. “Some 44% of retirees say they have used some of their home equity to help pay for retirement, and even more workers (59%) are interested in tapping home equity for retirement costs.
Home equity is recommended alongside Social Security, retirement accounts, a pension, savings accounts, a part-time job and other items as ways to pay for retirement.
Retirees often have multiple sources of income, including Social Security, pension payments, withdrawals from retirement accounts or other investments and sometimes even income from a part-time job, according to a recent Gallup poll of 1,015 adults, including 652 workers and 363 retirees, notes Brandon.
“Setting up several sources of retirement funds can give you extra security in retirement,” she says.
View the article here.
Written by Cassandra Dowell
