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2732: [Part 2] Running Low in Retirement - Income Strategies by Darrow Kirkpatrick of Can I Retire Yet
Optimal Finance Daily - Financial Independence and Money Advice
Considerations for Reverse Mortgages
Reverse mortgages are recommended as a last resort for those with specific circumstances. The loan must be repaid when the borrower dies or moves, accumulating interest that needs repayment. If the borrower wishes to leave the home to heirs, this can pose challenges if the heirs lack funds. Additionally, the borrower must be well enough to stay in the home; otherwise, if they need to move to a treatment facility, the loan must be repaid. Hence, individuals with declining health may not benefit from a reverse mortgage as a long-term strategy.
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