Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. retirement.

Hi, everyone.

And welcome back to another episode of Ready for Retirement.

I'm your host, James Cannell.

Today's episode is about reverse mortgages.

So I think we're 140-something episodes through Ready for Retirement. And I was thinking back, I don't think we actually have an episode on reverse mortgages yet. So I think the time

is now, and we'll certainly explore this. And this comes from a client and a listener. This name is

Chris. And Chris sent in this question. He said, James, your podcast continues to educate me on how best to think

about my retirement. Thank you for your concise guidance and great examples. I get something out of each

episode. Now for my question, in one of your previous episodes, you talked about your home as a

plan B when thinking about your financial options in retirement. That got me thinking. What is your

opinion of reverse mortgages?

Is that an option when it comes to plan B? And what would be the advantages or pitfalls of this

option? All right. Well, Chris, thank you very much for that question. And I think what you're asking

is a very logical follow-up, where I've talked about your home in the past being Plan B, if you need

extra funds or if you need

something for, say, assisted living or long-term care, well, the logical follow-up to that is, well,

how do we access funds from our home? Is it through selling it? Is it through refinancing it? Is it

through a reverse mortgage? And that's what we're going to explore today is, is a reverse

mortgage a good planning tool and should it kind of be viewed as your plan B if needed?

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