If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.

Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.

While a reverse mortgage can indeed be a viable way to generate income, it is very important to understand that after you take out a reverse mortgage, you will still be responsible for paying the property tax, the insurance premium, and all the maintenance costs for your home.

Never cosign a loan. Once you have cosigned, you cannot get out of it - even on your deathbed.

A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or has a small mortgage balance remaining.

Time is key to building your financial security.