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Should I use a reverse mortgage in retirement?

Should I use a reverse mortgage in retirement?

Research by the Insured Retirement Institute reflects that 24% of baby boomers have no retirement savings – which is the lowest number recorded since the beginning of the study in 2011.

Another sobering data point shows only 55% of baby boomers have some retirement savings and, of those, 42% have less than $100,000. Thus, approximately half of retirees are, or will be, living off of their Social Security benefits.

Even retirees who have been successful in saving have big concerns because of rising medical costs and increased life expectancy. Retired baby boomers and those quickly approaching retirement are troubled their nest egg savings will fall short and risk outliving their retirement funds. Retirees, and financial advisers, are continually looking for ways to maintain a healthy and fitting quality of life during years in retirement.

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