Hey guys,
I'm one of these guys who has a home that is worth more than our retirement funds. I had a stroke early in life so I retired on disability in my 40's. My wife is an RN but now at age 56...she wants to retire.
According to most calculators we can retire with our portfolio and be OK but we won't have a lot to travel or make large purchases with (like a motor home or second home). Now....our home is valued at at a pretty high amount and is paid off. Plus...we have an attached apartment on our property that produces at least $1500/month. Because of this, I really don't want to sell our home.
Soooooo.......my question is what is the best way to utilize our homes equity to spend in retirement just in case we burn through our portfolio faster than we though OR we simply want to live a little more extravagant than our budget will allow. I have thought about a reverse mortgage because of no payments until we both leave the home. Why is that a bad move?
Thanks guys!
I'm one of these guys who has a home that is worth more than our retirement funds. I had a stroke early in life so I retired on disability in my 40's. My wife is an RN but now at age 56...she wants to retire.
According to most calculators we can retire with our portfolio and be OK but we won't have a lot to travel or make large purchases with (like a motor home or second home). Now....our home is valued at at a pretty high amount and is paid off. Plus...we have an attached apartment on our property that produces at least $1500/month. Because of this, I really don't want to sell our home.
Soooooo.......my question is what is the best way to utilize our homes equity to spend in retirement just in case we burn through our portfolio faster than we though OR we simply want to live a little more extravagant than our budget will allow. I have thought about a reverse mortgage because of no payments until we both leave the home. Why is that a bad move?
Thanks guys!