Any thoughts on opening a reverse mortgage loc as a new 69 year old retiree to keep as part of a retirement withdrawal strategy when needed should the market have a prolonged downturn? Wade Pfau seems to be a big proponent of this. Of the articles I've read and videos I've seen, the "experts" seem to be divided. If I roll let's say 15-20K in closing costs into the loc but never wind up using it otherwise, doesn't the loan balance keep increasing regardless? There could potentially be a loan balance of 40-50K to pay off when the time comes. Is it better to take out a loc now so the the amount I could tap into also increases, take it out later on if needed or forget about it altogether. Every retirement calculator I used says i should be OK based on my withdrawal rate but I'm wondering if I should take out the loc just in case and not worry that our son will get 50K less when the house is sold. Thanks for any input on the matter.
Statistics: Posted by drspine — Sun Nov 03, 2024 11:49 pm — Replies 2 — Views 92