William and Jane, aged 68 and 66, retired about
two years ago. They live on their social security and
pension income. They do have some retirement
savings that they consider for emergency use
only. They like where they are living, but they
want to make the most of retirement by traveling
to see all of the places they have talked about
over the years and to visit their children scattered
across several states.
While their monthly income meets their needs,
they still have nine years of mortgage payments
left and want to start their travels now without
dipping into their emergency fund. By using a
reverse mortgage, they are able to eliminate their
monthly mortgage payment and establish a line
of credit.
