Retirement & Financial Planning Report

If you own a house that’s fully or nearly debt-free, many banks will loan you money in a lump-sum or as a stream of monthly income. In a typical arrangement, no payments are due until you cease to own and occupy the house; at that point, the principal and the accrued interest are due. Most reverse mortgage agreements stipulate that the loan balance will never exceed the value of the house. Note: This may be an option worth pursuing if you’re determined to remain in your house and you don’t want to be a tenant paying rent to someone else, even your own child.