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Will a reverse mortgage help?

My husband and I both retired a few years ago. Social security and a small pension aren't going as far as I'd like, we did not account for rising health insurance assuming that medicare would cover everything. We own our home and are wondering if a reverse mortgage would be an option to help keeps us afloat.
Status: Open    Oct 12, 2014 - 05:53 PM

Finance, Senior Real Estate

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2 answers

Expert Answers

Oct 23, 2014 - 01:29 PM

A Reverse Mortgage credit line may be what you are looking for but it’s not totally straightforward. Is there a mortgage or any other liens that need to be paid off? How much is the house worth (Estimated)? Are you over 62 if one of you is a lot younger than the other you would qualify on the youngest borrower’s age. All these questions affect the amount of funds you would qualify for and at the end of the day the actual appraised value. So taking everything into account there has to be enough money/cash flow to solve your financial monthly shortfall to make sense for you to take out a reverse mortgage. The bottom line is the need/benefits has to justify the cost. I would recommend speaking with a reverse mortgage advisor who can run a reverse mortgage analysis to see if it makes sense for you.



Oct 26, 2014 - 08:34 PM

my mother has a reverse morgage she had to go into a nursing home her line of credit she received was nothing compared to the cost of nursing home she has depleted her credit and home must be sold because she cant go back to live there..because loan adds inteerest every month she owes more than house is worth
We are sick and wished she had not done this we could have sold her home today for 225K and she could have been taken care of in a place 100 x better
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