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Anyone familiar with a reverse mortgage? DH

Posted by wants to do this and the idea scares me. sm on Mon, May 09 2022 at 07:24 PM CDT:

We are in our 70s. We have 10 years left to pay on our mortgage and I don't think we'll even live that long. He said since we have nobody to leave the house to, he wants to do a reverse mortgage, get the money out of the house (the property values have doubled here), pay off the loan and have no more mortgage payments. But the bank then owns your house - permanently.

I said what if either one has to go into a nursing home, then we have no house to sell (and how do we know we'd still have the money in the bank). The whole thing makes me nervous, I have no idea what to do nor know anyone who's ever done this. Most people our age that we know of paid off their homes years ago. I'm still working for cheapo cents a line.

Ideas/opinions anyone?

Follow Ups:

Could you get a home equity line of credit? sm Idea Mon, May 23 2022 at 12:17 PM CDT (3)
- We already did a HELOC about 4-5 yrs back and paid off a lot of debt plus reduced the mtg interest. SM Wed, May 25 2022 at 02:16 PM CDT (2)
  - Does your area not have a tax ceiling for ages 65 & up or disabled? We locked our tax rate in years ago. SM Thu, May 26 2022 at 12:49 PM CDT (1)
    - Good tip to check out, will do that. Thanks. nm Thu, May 26 2022 at 02:58 PM CDT (0)
I thought about it and almost did it, but in talking to other seniors who did it, they are very regretful. One even paid to reverse the reverse mortgage. (NM) Wed, May 11 2022 at 10:58 AM CDT (1)
- Re: we become what we behold lopezmason Thu, Jul 14 2022 at 09:07 PM CDT (0)
what state are you in? Pam Tue, May 10 2022 at 12:19 AM CDT (1)
- I'm in the SE but DH said he would talk to the bank (BOA) directly who holds the mortgage. DH has finance experience SM Tue, May 10 2022 at 07:52 AM CDT (0)
The only people I've known who did this ended up regretting it. nm Talon Mon, May 09 2022 at 09:38 PM CDT (7)
- This article might be helpful Talon Mon, May 09 2022 at 09:42 PM CDT (6)
  - Thank you! (I just have "that feeling" - you know the one. Maybe from a higher power, but something is telling you no. ;) nm Tue, May 10 2022 at 07:54 AM CDT (5)
    - Re: Thank you! (I just have "that feeling" - you know the one. normanwolf Thu, Jul 14 2022 at 08:59 PM CDT (3)
      - Re: Thank you! (I just have "that feeling" - you know the one. friday night funkin unblocked Tue, Nov 08 2022 at 08:30 AM CST (0)
      - Re: Thank you! (I just have "that feeling" - you know the one. miklas hary Tue, Sep 06 2022 at 03:34 AM CDT (0)
      - Re: Thank you! (I just have "that feeling" - you know the one. miklas hary Tue, Sep 06 2022 at 03:34 AM CDT (0)
    - Re: Thank you! (I just have "that feeling" - you know the one. normanwolf Thu, Jul 14 2022 at 08:59 PM CDT (0)

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: We are in our 70s. We have 10 years left to pay on our mortgage and I don't think we'll even live that long. He said since we have nobody to leave the house to, he wants to do a reverse mortgage, get the money out of the house (the property values have doubled here), pay off the loan and have no more mortgage payments. But the bank then owns your house - permanently. : I said what if either one has to go into a nursing home, then we have no house to sell (and how do we know we'd still have the money in the bank). The whole thing makes me nervous, I have no idea what to do nor know anyone who's ever done this. Most people our age that we know of paid off their homes years ago. I'm still working for cheapo cents a line. : Ideas/opinions anyone?

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