Why are so many of us approaching our retirement years with such trepidation? It’s pretty simple: The No. 1 fear in the United States is running out of money before we die. This seems to have just recently replaced the age-old fear of death itself.

Who’s afraid of entering their golden years most? Baby boomers, who are turning 65 at the rate of 10,000 per day and have experienced unprecedented losses in their retirement savings and a decline in their overall wealth due to the recent economic meltdown. In fact, many boomers do not plan on retiring anytime soon, determined to acquire enough money to maintain the lifestyle to which they’ve grown accustomed. Does this mean we’ll be seeing 90-year-old executives, salespeople or office workers? Or is there another solution?

Although investment portfolios are depleted and savings are down, there is a bright spot. Recent homeownership statistics report a growing area of untapped wealth. Home equity is increasing across the nation as real estate regains its value, and we call that “housing wealth.” In fact, housing wealth is now considered a resource that can be used to strengthen and preserve the longevity of assets by many financial planners, potentially making it possible for baby boomers to have the financial resources necessary to retire and enjoy their golden years.

In previous generations, housing wealth was the family inheritance and considered sacred. It was expected that parents would leave the home, free of any mortgage, to their children. People routinely had sufficient assets for their retirement years—not only their homes but also savings, and a pension from the job they worked for 40 years. Passing cash assets plus the family home to the next generation was the standard.

However, attitudes are changing rapidly as a new wave of retirees cannot afford to follow in those footsteps. For baby boomers with little savings and no pension from a longtime job, their only asset may be their home. Funding retirement now requires a new approach.

Recent changes to the HECM program have enhanced its legitimacy with financial advisors as an important weapon in their arsenal. When a homeowner has sufficient home equity, the HECM can be extremely versatile. As part of a viable retirement planning strategy, a financial advisor can recommend:

* Using this source of tax-free cash rather than drawing down the homeowner’s portfolio in a bad market, thereby preserving the longevity of assets

* Postponing access to Social Security until a later date when the payout will be greater and temporarily meeting cash-flow needs with the HECM line of credit

* Using the HECM as a line of credit for funding future health care needs, like in-home care, buying long-term care insurance and establishing an emergency fund

Because of its many valuable uses, baby boomers are increasingly accepting the use of a HECM to tap into a portion of their housing wealth to fund retirement. As reverse mortgage professionals, it’s our job to help seniors explore the options available through the use of this valuable tool and eliminate fears about affording retirement.

We are at a great place and time in our industry. Increasing acceptance among other professionals such as estate planners and financial advisors enables us to settle the fears of running out of money for the boomers and squelch the reverse mortgage myths that prevail among older seniors. The changes in the HECM that occurred October 1, 2013, give us the opportunity to promote the HECM as a completely new reverse mortgage! The older seniors like to hear that this reverse mortgage not only preserves more home equity for their heirs, but also reduces loan costs for many of them. The boomers (who plan to live forever) readily tap their housing wealth and are delighted with a secure source of funds that lasts their extended lifetime.

The stability and preservation of this valuable financial tool for generations to come is important to everyone who cares about aging Americans,  especially since most of us will be joining them. As HECM professionals, we will continue to do our part to take away the fear of running out of money before one dies!