Consider Taking Out a Reverse Mortgage
This one is a bit of a risky move, as it could mean you and your heirs will have fewer assets. But if you’re struggling with money after you’ve turned 62, it’s a good option.
A reverse mortgage basically implies converting part of the equity in your home to cash. This loan can be repaid when the borrower sells their home, no longer lives there (as a permanent residence) or when they die.
What else do you have to look out for? Well, there are fees of course, as well as interest. But, in a pinch, this could help you get back on your feet.
