There is a good article in the Motley Fool that discusses using a reverse mortgage to generate retirement income.
A home or principal residence is often one of the larger assets on a retirees' balance sheet.
A reverse mortgage enables one to create a stream of income from what is otherwise an illiquid asset.
"a reverse mortgage is one option to consider if you need to generate more income in retirement. Combined with managing your investments to maximize income, a reverse mortgage may give you enough flexibility to close the gap between your investment income and what you need for your living expenses."
Source: Motley Fool
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