The Center for Retirement Research at Boston College has released a new consumer guide: “Using Your House for Income in Retirement,” by Steven Sass, Alicia H. Munnell, and Andrew Eschtruth
The booklet’s key points are:
- Home equity is the largest store of wealth for retirees and, with reduced support from Social Security and pensions, many more will need it for retirement income.
- The two ways to tap home equity are downsizing and a reverse mortgage.
- Adds to your savings, which boosts income from savings.
- Frees up more income by reducing taxes, insurance, and upkeep.
- A Reverse Mortgage:
- Allows you to stay in your home.
- Provides income through a line of credit, lump sum, or monthly payments.
Hard copies are available for purchase.