Quote:
Originally Posted by Dotneko
What bank will loan to a retiree with no income other than ss? The banks we spoke with didnt care how much cash on hand we had. With no income, no mortgage.
The closing costs for a reverse werent huge either.
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Another option is to sell the house and rent a comparable house. But, I would avoid a reverse mortgage if I could. It is really not a good deal. For the closing costs, did you consider the required mortgage insurance payments and the fees that are rolled into the loan?