Using Your Home as a Source of Retirement Income

The Center for Retirement Research at Boston College has published a new booklet titled “Using Your House for Income in Retirement” that explains to aging homeowners how they can use their largest asset to finance their retirement years.

The book reviews the two most common ways to use your house to boost retirement income – downsizing and a reverse mortgage – with clear examples, a discussion of the pros and cons of each approach, and links to tools on the web where consumers can get estimates of what downsizing or a reverse mortgage can do for them.

“Home equity is the largest source of wealth for retirees and, with reduced support from Social Security and pensions, many more will need it for retirement income,” according to a statement from the CRR.