No. of Recommendations: 0
...if you can't afford your home now, while you are working, why do you think that you will be able to afford it when you won't be working, even if you pay off the mortgage? Paying off the mortgage still doesn't eliminate costs like property insurance, property taxes, maintenance and upkeep, etc.

Because:
(1) (mortgage + insurance, taxes, maintenance) > (insurance, taxes, maintenance).
(2) Expenses can go down in retirement. Post-retirement, DH & I have a better cash flow (i.e., more income for discretionary expenses), on 2/3 our previous gross income, because we're no longer contributing to retirement accounts and we're no longer supporting our children.
(3) Social Security kicks in.

If I were in OP's place, I would sell the condo and draw on those proceeds to help make the mortgage payments on the primary residence, as opposed to using savings to pay off the mortgage.

Regarding selling the house and moving someplace less expensive, that would require moving to:
- A neighborhood that's not as nice, and/or
- A smaller home. Personally, DH & I are finding our 1700 sq ft house to be very comfortable for two people. We've discussed downsizing, but what we now have is the type of house that others downsize to. OP's house, at 2000 sq ft, doesn't strike me as such an obvious candidate for downsizing.

I agree that a reverse mortgage is a bad idea. Not only for OP, but in general.
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