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.

Suze Orman

Suze Orman

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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.

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If there is anyone dependent on your income - parents, children, relatives - you need life insurance.

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If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.

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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.

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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.

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