There are several ways retirees, or even pre-retirees, can extend their savings when working longer is not an option. And one of these strategies includes using a reverse mortgage in retirement planning, suggests The New York Times.

In a recent article, the NY Times offers six strategies that can allow retirees—and those nearing retirement age—to stretch their savings, whether it is through the use of financial instruments like reverse mortgages and annuities, maximizing Social Security, downsizing one’s home, reducing taxes on retirement assets like IRAs, or by simply practicing living on less.

On reverse mortgages specifically, the article notes how using a “standby reverse mortgage” with a line of credit feature can provide borrowers with some extra funds during retirement that can be tapped when necessary.

“Opening a credit line while interest rates are low, even if you don’t need the money now, can result in a larger credit line now than when rates are higher,” said John Salter, an associate professor of personal financial planning at Texas Tech University, in the NY Times article.

While a traditional home equity line of credit may be cheeper, the article notes, the line can be reduced or canceled and borrowers have to start making at least minimum payments on the lender’s schedule.

“But it [HELOC] may work if the homeowner expects to move within a few years, for instance, and downsize,” the article states.