A recent article in U.S. News and World Report centered on strengthening retirement has suggested reverse mortgages as one of the options for seniors seeking financial security in retirement.
“You could take out a home equity loan or reverse mortgage, or sell the home to unlock the equity and buy a less expensive and more suitable residence with the proceeds or rent,” writes U.S. News contributor Craig Stephens, according to the report.
"Taking advantage of tax savings on retirement accounts is also recommended as quickly as possible, as is attempting to go into retirement without any debt obligations such as a mortgage payment."
Stephens' report also suggested that downsizing your home can cut a lot of the maintenance costs associated with larger homes, ultimately putting more money in your pocket and eliminating large expenses such as higher taxes.
To learn more about the U.S. News and World Report's suggestions on strengthening retirement, click on the image above.