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Older workers seek out retirement income 2010-02-08 Finding income in retirement is a challenge for more and more people, and some retirees may fall back on a reverse mortgage to tap into their home equity. Reverse mortgages are available to homeowners older than 62. The most popular type of reverse mortgage, called a home equity conversion mortgage, requires applicants to undergo counseling before receiving final approval. Many older people are looking wherever they can for cash in retirement. The trend of working later in life - "phased retirement," as some call it - is growing more popular with each passing year. Longer life expectancies make late-life careers possible, to be sure, but a growing number of people feel they have no choice but to work longer. A recent article in the Economist highlights the rising prevalence of phasing in retirement. "Companies will have to learn how to manage older workers better," the magazine suggests, noting that almost one-third of the American workforce will be older than 50 by 2012. And America's working population is young compared to those in Japan, Germany and China, the Economist says. Americans can enjoy reverse mortgages if their retirement income is inadequate, however.  |
