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  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Given your financial situation - that may be a good way to generate additional income in retirement and preserve your estate, assuming that the expense of the condo is less than the income that will be generated from renting your house out.

    Another option to consider would be using a HECM for Purchase to help lower the cost of the condo, since it would be your primary residence. This would generate more income for you in retirement. You can learn more here: http://www.newretirement.com/Services/Reverse_Mortgage_for_Purchase.aspx

    As with all major financial decisions it's wise to talk with a fee only financial advisor who's interests are completely aligned with yours.

  • Login to rate this answer:   Answered on 2/20/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.