My mother is a 75 year old retiree who is currently living in an estimated home/ property of 650k. Her current mortgage has a remain total of 200k.
She is convinced that a reverse mortgage is the best option for her, as she plans to live in the home til she passes away. She currently has enough income to cover her current property tax and annual home insurance premiums, through a pension and social security.
Is it advisable for her to take out a reversible mortgage? If so what are some of the pitfalls she should be prepared for? What can i expect after she passes away?
Submitted December 17, 2018 at 09:16PM by interregnum9 https://ift.tt/2rIMRzK
