Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. And I’m hoping you can talk about the type of reverse mortgage called a home equity conversion mortgage, sometimes shorthanded as a HECM. And like Don was saying, then you’re able to leave a larger legacy at the end by strategically using the reverse mortgage. Pfau: Reverse mortgages are the one retirement income tool I’m aware of that actually benefit from a low interest-rate environment. Pfau: In terms of who maybe shouldn’t consider a reverse mortgage, you’ve got to be 62 for the HECM program.

Source: Forbes June 25, 2024 19:32 UTC