Reverse Mortgage

[hubcapsc]

My Aunt got one, it enabled her to stay in her house until she passed.

We are currently unwinding from the deal, and don't regret it since
it made the difference about her being able to stay, but the experience
was one of all-smiles before the deal and massive unpleasantness after
we were hooked.

What I'd do different in retrospect is to pay a (real estate?) lawyer to
help work the deal from the beginning...

-Mike

[imwjl]

My only caution is to point out I know people who all of a sudden could not live in their homes anymore or could not afford medical and assistance services provisioned at their homes. Some did not have the planning or means for that.

My 92 year old mother is in one of the type of seniors apartments where there are some services and a dining room but you do have a sizable downpayment and your monthly rental. Seeing quality of life for some who did not plan that has me feeling it is important to be able to afford that.

Being inside or out of the US is a big difference from what we see with my own and my wife's relatives. In my area of the US some lower cost nursing homes in more rural areas have been closing and now that's occurring with hospitals and it is putting more people in a squeeze.

With or without a reverse mortgage, these past few years of observations have me thinking your last years need some hard assets or cash for decent quality of life.

[H165]

One aspect of a reverse mortgage is that, in many states, it can be used to remove assets from the reach of creditors. If a creditor fails to place a lein on that specific residence before the RM is intiated, it becomes more difficult for the creditor to access that asset.