Reverse Mortgage

[ob1quixote]

Something doesn't sound right about this. A true reverse mortgage doesn't work this way, unless the couple was relying on the monthly payments to pay their real estate taxes and lost the house to taxes. Also, no other assets would be tied to the reverse motgage. I suspect they had some other sort of equity loan.

Could be. The report I heard was 2nd hand news, if not further.

 

[ntsammy5]

just don't tie your kidneys to the loan or you're totally screwed..................

 

[ftwildernessguy]

just don't tie your kidneys to the loan or you're totally screwed..................

I only gamble with organs I have two of, and then I only bet one of them.

 

[walleyes]

I understand the hesitation — reverse mortgages aren’t for everyone. But they’re not automatically bad either.

The only federally insured option is the HECM, overseen by HUD, and it requires independent counseling before you can move forward, which helps make sure seniors understand the costs and obligations hud.gov/hud-partners/single-family-hecmhome

The pros and cons in a pretty balanced way — it’s a financial tool, and whether it’s a good idea depends on someone’s situation reverse.mortgage/good-idea

For some retirees it works. For others, selling or downsizing makes more sense. It really depends on the bigger picture.