13 of 17
BACK NEXT
13. Do a reverse mortgage
Pros: You get the money up front, but the interest is deferred until you move out. The main advantage: "It's not like a 401(k) in the sense that once you tap it the asset is gone," says Sam Collins, a mortgage banker in Newark, Del. "You can do a reverse mortgage and still continue to enjoy your home."

Cons: You have to be 62 or older to qualify. And the amount of equity you can pull out of your home is far less than with a traditional mortgage. For example, an 80-year-old Chicagoan with a house worth $400,000 would be able to borrow only $195,222.

The younger you are, the less you can borrow because it will be longer until the loan is paid back. So a 65-year-old in the same situation would get only $159,187. And reverse mortgages carry stiff fees, nearly three times as much as those on a traditional mortgage. Up to 8% of the loan, or $12,735 in our example, vanishes up front.

NEXT: Sell some hard assets
Last updated August 22 2008: 12:36 PM ET
Millionaires in the making Only 27 years old, prodigious savers Gina and John Rodrigues are determined to retire with a million-dollar nest egg by the time they turn 40. (more)
21 ways to stomach a sour market Feel like you're getting nothing but lemons from the stock market? Allow us to introduce nearly two dozen recipes for lemonade. (more)
5 money mistakes to avoid ou don't have to wait for new laws based on behavioral economists to save you from the money mistakes you're hardwired to make. You can implement your own fixes using their techniques. (more)
Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.