Seniors look to life insurance for fast cash

Selling policy may be wiser than reverse mortgage

More and more senior citizens are seeking ways to make their leisure years more comfortable — or simply to make ends meet. Many are looking to liquidate or tap at least a portion of an asset that historically has gone untouched.

For example, two seniors asked recently if it were preferable to take a life settlement on their life insurance policy or to pursue a reverse mortgage. The answer depends on a variety of individual preferences, plus a person’s age, health, policy value, estate needs, home value and future housing needs.