Dear Carrie: My wife and I are in our 60s and looking at ways to reduce our expenses when we retire. We’ve considered downsizing, but after 27 years, our house and the neighborhood still fit us. Our home is finally paid for and is pretty manageable, except we worry about being able to pay for major repairs or health care in the future. Would a reverse mortgage make sense for us?—A Reader
Dear Reader: I’m glad you asked this question, because so many people are in exactly your situation, wanting to “age in place” rather than move to a smaller, less expensive home or a retirement community. But as you point out, maintaining a large home and paying for health care and other potential expenses can be challenging.
