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  • I am very sorry to hear of your partner's diagnosis.

    A Reverse Mortgage is not possible. All titleholders must be 62 years old to qualify for a Reverse Mortgage. However, you could probably just sell the home now and travel on the proceeds from the sale. Here are a few tips for traveling inexpensively:

    Travel is a common goal of many retirees and it appears that no matter your budget -- where there is a will... there is a way to travel!

    One of the key things about retirement travel is that though you have less money, you do have more time.... So, if you can take fewer longer and slower trips instead of many fast and furious trips you will probably save a lot of money. Cut down on the costs of airfare or the actual travel and live more locally and you will probably save significant money.

    Consider some of these options:
    -- (vacation rentals by owner) and are great web sites that let's you find homes to stay in around the world instead of expensive hotels.

    -- Prioritize! As you learn to live with your partner's diagnosis, you will certainly learn to prioritize and make meaningful choices. This can apply to your travel goals.

    -- Be flexible. Do a lot of research and find the best airfare or other travel options. It was not ideal, but my family and I halved our airfare costs to Europe this year by traveling on Christmas Day. Holidays can be inexpensive days to travel, also midweek is good.

    -- Can't quite afford not working? Many retirees travel and get temporary work. If you like camping, you can oversee camp sites or work part time in the hospitality industry at popular locations. Like cruises? Have you considered working for one? Like skiing? How about a seasonal job at a ski resort? These types of jobs can supplement income and get you to the places you want to be!

    I realize that you don't want to think about the return from travel, but this will be an important consideration. You will want to research now what your potential options will be for working and working as long as possible in order to fund your own retirement.

    Another VERY IMPORTANT consideration is health insurance for yourself and especially your partner. She may qualify for Medicare disability, but you will need to maintain some kind of coverage yourself. Your insurance will probably be especially complicated if you will be traveling overseas.

    We wish you all the best!

  • Login to rate this answer:   Answered on 2/28/2013
**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.