Reply #10: Yes, we took out a reverse mortgage a year ago. It is a good [View All]

[yy4me]

program to give you some financial security as you age. My better half is 72, I am 64. Although we have no great debt, we have used most of our savings, meager as they were, just trying to keep up with high property taxes, utility bills, ridiculous insurance bills for health for me, home owners, auto insurance, a dead car, a blown furnace and other things that have gone wrong these last few years. The cost of living is just too much and I had to go back to work and was then laid off. I was such a nervous wreck that we looked into the program after getting a mailing from AARP. It is expensive up front plus there is a monthly charge just like a conventional mortgage. The monies used are taken off the other end. If we sell the house, or when our estate is liquidated, the money must be repaid either from sale proceeds or from our estate. You must meet with approved councilors before the process is started. The paperwork is a bear. But once done, that is it. We took a little money at the initiation of the mortgage and had to take a little more for a new furnace. The company that handles the mortgage sends a monthly statement with all relevant information.