I would never do a reverse mortgage. After when you die or your spouse dies the house won't be of value, the interest on such a loan incurrs a high amount and then your heirs are left with nothing. My advice sell your house and then rent put that money aside in a trust and enjoy your retirement.i have heard horror stories where elder parents took out these loans, died and their heirs older children were put through the mill with the reverse mortgage companies trying to take away these homes from loved ones. Please don't do a reverse mortgage you will regret it.
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I would never do a reverse mortgage. After when you die or your spouse dies the house won't be of value, the interest on such a loan incurrs a high amount and then your heirs are left with nothing. My advice sell your house and then rent put that money aside in a trust and enjoy your retirement.i have heard horror stories where elder parents took out these loans, died and their heirs older children were put through the mill with the reverse mortgage companies trying to take away these homes from loved ones. Please don't do a reverse mortgage you will regret it.
Post: Home Rich Cash Poor
Link to comment from July 6, 2022