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Episode 2732:
Darrow Kirkpatrick’s "Running Low in Retirement: Income Strategies - Part 2" explores the viability of reverse mortgages for retirees seeking to enhance their income. Kirkpatrick articulates the complexities and potential downsides of reverse mortgages, including substantial fees and the risk of losing one's home. However, for those "house poor" with substantial home equity but limited cash flow, this financial tool offers a critical income stream to maintain their lifestyle in retirement.
Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/
Quotes to ponder:
"Reverse mortgages could be a lifesaver for retirees low on income, providing a stream of cash but at a high cost."
"Government insurance protects you if the bank has problems, ensuring you'll never owe more than your home's value."
"Used for long-term planning rather than emergencies, reverse mortgages are likely to become a major tool for many Americans."
Episode references:
The Mortgage Professor: https://www.mortgageretirementprofessor.com/homepage/
National Reverse Mortgage Lenders Association (NRMLA): https://www.nrmlaonline.org/
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