Does anyone here use/factor/depend on the equity of their home as part of needed income later in retirement?
Does your long term plan envision not being able to live 'alone' (even with a spouse), and so selling the house and cashing out the equity can be used for moving into a retirement community or even assisted living?
Also - has anyone considered or is using a 'reverse mortgage'?
At some point the family or the law is going to take my keys away, and my spouse, and we may need add'l assistance for everyday living - which makes living in our house unrealistic.
For me, I have *not* included our house equity in our retirement savings calculations - so it's nice to know it is a 'buffer' in case we need it.
Does your long term plan envision not being able to live 'alone' (even with a spouse), and so selling the house and cashing out the equity can be used for moving into a retirement community or even assisted living?
Also - has anyone considered or is using a 'reverse mortgage'?
At some point the family or the law is going to take my keys away, and my spouse, and we may need add'l assistance for everyday living - which makes living in our house unrealistic.
For me, I have *not* included our house equity in our retirement savings calculations - so it's nice to know it is a 'buffer' in case we need it.
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