“I’ve seen loans where you might pay $15,000 to borrow 50 percent of a $100,000 home,” says Collins, noting homeowners should realistically look to pay anywhere from $3,000 to $5,000 for a HECM.

Annuities

Life insurance policies that generate monthly payments in exchange for an upfront deposit, called an annuity, are another option.

Annuities come in two varieties — fixed and variable.

The fixed version offers guaranteed payments in exchange for upfront cash, either over a period of, say, 25 years, or for life, depending on what you’re willing to pay for.

Greg Olsen, a partner with Lenox Advisors wealth management firm in New York, notes the biggest risk with annuities is the loss of liquidity, since the dollars you invest are no longer available for financial emergencies, or for other investment opportunities that could potentially yield a higher return.

Keep in mind, too, that you generally won’t get your principal back if you die shortly after purchasing the annuity, and neither will your spouse unless you purchase a joint and survivor benefit.

“The great thing about an annuity, especially the single premium immediate annuity, SPIA, is that it does exactly what you need it to do, create a pool of money that will last as long as you live,” says Olsen. “The risk is that you die too soon.”

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