The proceeds you receive from the mortgage will not be taxed. It will reduce the amount of your estate and may complicate the selling of your house if you decide to move. Reverse mortgages are available through some financial institutions and organizations set up specifically to offer these products. Ask your Investment Professional whether a reverse mortgage makes sense for you. If you have a universal life insurance policy, you may have yet another source of retirement cash.
Universal policies have both an insurance element and an investment element.
Excess premiums are invested to provide returns. Funds can be withdrawn from the investment portion without jeopardizing the policy or reducing benefits. If you have a universal life policy, ask your insurance representative how much is available to you through the investment portion.