Quote:
Originally Posted by Stuart Zaikov
Life is funny. Sometimes your last house will turn out not be your last house and you want to move and do not have much equity at that point.
Reverse mortgage can get people to live above their means and than if they need additional funds for something do not have a source of it.
People should think long and hard before adding to debt in their olden years.
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I have a reverse mortgage and two of my neighbors have them as well. I didn't use it to purchase, I paid cash in 2011. In 2018 I decided why shouldn't I enjoy the equity I have in my home. I have no heirs, we're both way past 62, this is definitely our last home, so we did it. I keep up the home, had the landscaping redone by Terrascape last year and the outside repainted by Oscar. I'm going to have the fiberglass shower replaced in the M/bath this year and maybe granite in the kitchen. I have no worries now about money, or where I'm going to live.