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USAA is The American Legion's preferred provider of financial services. Offering a range of top-rated financial and insurance products and services. USAA welcomes honorably discharged U.S. military veterans, active-duty troops and qualified family members and descendants of those who have served. USAA contributes funds to American Legion programs when members join through a dedicated channel: or by calling toll-free at 1-877-699-2654.

Financial Questions & Answers

Financial Questions & Answers


I want to retire, but I still carry a mortgage. Would a reverse mortgage be the thing to do? - Pablo


If you haven’t retired and are already looking at tapping the equity in your home, the better question to ask might be, "is retirement the thing to do?" A reverse mortgage can be used by homeowners age 62 and older to access a lump sum or monthly payments that do not have to be paid off until you die or sell the home. ut the feasibility of such a strategy depends a lot on the equity you have in your home. Your existing mortgage would have to be paid off with proceeds from the reverse mortgage. Other strategies might include downsizing or selling and renting. We’re just a bit concerned about your "retirement readiness" given your question.