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Episode 2880:
Steve Chen explores how reverse mortgages can serve as a financial "spare tire" for retirees facing unexpected challenges. By tapping into home equity, retirees can maintain their lifestyle during downturns or emergencies, though it’s crucial to understand the complexities and potential risks before making this significant decision.
Read along with the original article(s) here: https://www.newretirement.com/retirement/reverse-mortgage-as-back-up-plan/
Quotes to ponder:
"A reverse mortgage allows homeowners aged 62 and older to convert a portion of their home equity into funds that they may use at their own discretion."
"For many retirees, their home is a valuable source of net worth."
"The HECM line of credit has a growth feature, which means that the unused loan balance grows over time."
Episode references:
National Reverse Mortgage Lenders Association: https://www.nrmlaonline.org/
The Reality of the Retirement Crisis: https://www.americanprogress.org/article/the-reality-of-the-retirement-crisis/
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Optimal Finance Daily - Financial Independence and Money Advice