FYI: Some people are “house rich” and “house poor” at the same time. They’re house rich because they own a house. They may own it outright or have a tiny mortgage balance. Either way, they’ve got a bunch of equity. But they can also be house poor.
How? Simple. Our homes can be costly beasts. Even if there is no mortgage, there are bills to pay. The real estate tax, insurance, utility, repair and other bills remain. Follow me in these examples and you’ll see how the use of a reverse mortgage can improve a cash-strapped retirement
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/reverse-mortgage-solutions-for-a-cash-short-retirement
