Retirees have many important considerations when it comes to elder law and their estate planning. One financial option that is advertised to many retirees is a reverse mortgage.

A new study completed by the Finance of America Reverse published in the Journal of Financial Planning found that reverse mortgages when used properly can help appropriately mitigate risks for millions of retirees when they are properly educated about how to use them. The biggest benefit for reverse mortgages, the study found, applied to those people with $100,000 to $1.5 million in investable assets.

A reverse mortgage with a coordinated withdrawal strategy could help decrease the possibility for retirees to run out of money while also improving their gains over time. There are many important considerations for those people who are thinking about using reverse mortgages or other strategies in their older years.

A reverse mortgage is not the right choice for everybody, however. It depends on your specific situation and your needs, which should always be discussed with your financial team.

You must think about your retirement drawdown strategy, other assets you have access to, and what you hope to pass on to your loved ones. In all of these circumstances, the support of an experienced team of financial professionals including an estate planning lawyer can be instrumental in supporting you.