OP offers an interesting question, however from a practical standpoint an informed answer is not knowable unless we have all the needed information, which in my view we don’t.
For some a HELOC might be the way to go, then again leveraging portfolio values could work depending on the portfolio, and for some a HECM could be an option. A qualified fee only fiduciary FA should know the clients risk tolerance, time horizon, risk capacity, investment asset composition, investment experience and be in a position to assess the suitability of any such decision.
Family members in my experience are notions for withholding information when it comes to financial matters or simply not knowing what details are important and not mentioning them. So behavioral/social factors could be involved, therefore the best answer to the question might be “it depends”.
All too often important financial decisions are made without knowing the total financial picture.
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