Should a Reverse Mortgage Be Part of My Retirement Plan?

Paying off your mortgage before retirement sounds like a great idea. But using your 401(k) to do so could be a mistake. Paying off your mortgage might be a good idea, but not at the expense of.

I am a late starter to retirement planning. Should I count my house or the equity in my house as an asset in my retirement plan? If you are playing catch. Stay in your home and take out a reverse.

A reverse mortgage can be an impediment to passing your property onto your heirs when you pass away because your heirs will be responsible for the repayment of the loan. In this scenario, the heirs could either repay the loan balance of the reverse mortgage out of their pocket, or sell the property to repay the loan.

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Wade Pfau, a Professor of Retirement Income and Director of McLean Asset Management, supports the idea of getting a HECM reverse mortgage with a line of credit sooner rather than later. In other words, using a reverse mortgage as part of a retirement plan, rather than as a last resort once all else has failed.

Reverse mortgages have transitioned from a last resort to a retirement income tool that can be incorporated as part of an overall efficient retirement income plan. Two benefits give opening a reverse mortgage earlier in retirement the potential to improve retirement outcomes, even after accounting for loan costs.

For some older homeowners, a reverse mortgage can be a good way to get some much-needed cash when their other sources of income aren’t enough. But it’s not always a good idea.

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A recent New york times article offers a concise 5-year countdown-to-retirement plan, with the final year of the timeline being the time to -cautiously – consider a reverse mortgage. Offered as a way to make ends meet if you’re planning to stay in your current home, reverse mortgages are a "fourth- or fifth-tier line of [.]

Thanks to 2014 changes in federal regulations on reverse mortgages, the loans now serve as a financial planning tool for the waves of middle-class baby boomers facing retirement.

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