Since Dr. Pizza says you can find out about anything on here, Mrs. Pizza has a question for you.
My parents are talking about a reverse mortgage on their house. From what I am understanding about this,
a loan is made against their home that they do not have to repay (basically they spend down their homes equity) correct???
they live in their home until they die (which I hope is not anytime soon)
upon the time of their death the home is sold and the debt on the house is repaid.
They presently have a mortgage on their home that they cannot afford to keep up with let alone keep up on their other bills* with their limited SS income (didn't invest for the future). Is this a "wayout" for them. I don't want to see them make a mistake and they are looking to me for direction.
*Mrs. Pizza cannot keep giving them money to meet their debts or Dr's eyes are going to roll out of his head :roll: but I also would never let them lose their home.
Thanks.
My parents are talking about a reverse mortgage on their house. From what I am understanding about this,
a loan is made against their home that they do not have to repay (basically they spend down their homes equity) correct???
they live in their home until they die (which I hope is not anytime soon)
upon the time of their death the home is sold and the debt on the house is repaid.
They presently have a mortgage on their home that they cannot afford to keep up with let alone keep up on their other bills* with their limited SS income (didn't invest for the future). Is this a "wayout" for them. I don't want to see them make a mistake and they are looking to me for direction.
*Mrs. Pizza cannot keep giving them money to meet their debts or Dr's eyes are going to roll out of his head :roll: but I also would never let them lose their home.
Thanks.