How Your House Can Save Your Retirement

Worried you’re going to run out of cash in retirement? The solution to your problem may be closer than you think.

Couple Saving Money

By Maryalene LaPonsie

After Joyce Ruvolo’s husband passed away two years ago, she noticed a disturbing trend. “I found myself taking money out of the bank every month to pay the bills,” says the 77-year resident of Boca Raton, Florida.

Unhappy with her cash flow situation, Ruvolo found a solution to her problem with Kathy Burns, a reverse mortgage loan specialist with On Q Financial. Burns helped set up a reverse mortgage, also known as a home equity conversion loan, which allowed Ruvolo to tap into the equity in her house and receive regular payments to supplement her income. “Kathy was wonderful, and the extra money I have in my pocket at the end of the month makes up the deficit I had before,” she says.

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