#4: Get out of debt.
Many retirees are drowning in debt. It’s a topic we touched on in The Reverse Mortgage Guide when discussing why seniors are turning to reverse mortgages at an increasingly younger age.
Independence is pretty hard when you don’t have any money. And don’t fool yourself: if you have a million dollars in your brokerage account and a million-dollar mortgage, you’re broke. Forget all the fancy formulas. When you stop paying people to rent their money, that’s when real wealth building can start.