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.
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