New publication: “Using Your House for Income in Retirement”

The Center for Retirement Research at Boston College has released a new consumer guide: “Using Your House for Income in Retirement,” by Steven Sass, Alicia H. Munnell, and Andrew Eschtruth

The booklet’s key points are:

• Home equity is the largest store of wealth for retirees and, with reduced support from Social Security and pensions, many more will need it for retirement income.
• The two ways to tap home equity are downsizing and a reverse mortgage.
• Downsizing:
  • Adds to your savings, which boosts income from savings.
  • Frees up more income by reducing taxes, insurance, and upkeep.
• A Reverse Mortgage:
  • Allows you to stay in your home.
  • Provides income through a line of credit, lump sum, or monthly payments.

A PDF of this booklet is available here.
Hard copies are available for purchase.