A volatile stock market is causing panic among folks that planned on using their investment portfolio for retirement. There might be a way to ease that panic: a reverse mortgage to draw from to wait out market volatility.
"This past Monday, the market endured its steepest decline since 1987, its worst decline since the beginning of the coronavirus’ economic impact according to the New York Times," reported Reverse Mortgage Daily.
"This could have the effect of making reverse mortgage loans an even more viable option from the perspectives of financial planners and advisors, particularly for those whose primary concern is the mitigation of loss in their clients’ portfolios, according to experts who spoke with RMD."
Jamie Hopkins, head of retirement at Carson Group, told RMD that reverse mortgages could help lower the amount of cash that clients are obligated to pay, essentially lowering the outflow of cash.
To learn more about how reverse mortgages could help clients during the volatile time in the stock market, click here.