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Pay down debt with a reverse mortgage
2010-04-14
Experts agree that reducing debt is one of the smartest things to do before retiring - and reverse mortgages can help.
The Tulsa World writes this week that debt - from credit cards or other sources - can negatively impact a person's retirement security, particularly among those who had adopted a "work till I drop" mentality and have minimal savings. One of the best ways to get on firmer financial footing, the newspaper suggests, is to pay down debt.
A January Merrill Lynch/Bank of America retirement survey found that retirees agree: Forty percent said pre-retirees should focus their attention on lowering their debt load.
There are myriad ways to do that, the World writes. Earning extra money is one option; home equity lines of credit are another. HELOCs' interest payments are tax-deductible, but the loans need to be paid back in a relatively short amount of time. For that reason, they might not be ideal.
But reverse mortgages may be perfect for people with heavy debt burdens. They are also loans, but they don't need to be paid back until a person dies or leaves her house - making them well-suited to those hoping to shed years of debt.
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