The retirement picture is changing every year and for many Baby Boomers who are thinking about retirement, some may not have as much as they had hoped in their retirement savings. The old “4%” rule is outdating itself and retirees are seeking alternative options, explains a recent article from Forbes.
One alternative that may be an option for some is to take a reverse mortgage. With a reverse mortgage, a borrower can turn part of the equity in their home into a lump sum payment or another option that functions similar to an annuity, the article explains. The program was also made more attractive after the new reforms to the program have taken place in the last few years.
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