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I just don't see any reason someone would get a reverse mortgage.
there are a number of reasons to and not to get a reverse mortgage as mathjak pointed out. Here is one that is a good reason. Let's say that you own your house or have a very small mortgage remaining. You are living on a small income like SSN and not much else. You have no savings and your biggest asset is your house. You have no heirs that will expect the house or inheritance from you. A reverse mortgage can give you additional income to last your lifetime and you can stay in your house. The drawbacks are the house if wanted by heirs will need to have that mortgage repaid by getting another mortgage. If you need LTC you will not have that asset to contend with so that can be good or bad depending on if you are looking at private LTC not medicare/Medicaid associated.
there are a number of reasons to and not to get a reverse mortgage as mathjak pointed out. Here is one that is a good reason. Let's say that you own your house or have a very small mortgage remaining. You are living on a small income like SSN and not much else. You have no savings and your biggest asset is your house. You have no heirs that will expect the house or inheritance from you. A reverse mortgage can give you additional income to last your lifetime and you can stay in your house. The drawbacks are the house if wanted by heirs will need to have that mortgage repaid by getting another mortgage. If you need LTC you will not have that asset to contend with so that can be good or bad depending on if you are looking at private LTC not medicare/Medicaid associated.
Why not sell the house and rent for the remaining years of life. I would think financially, it would be better.
maybe , maybe not . a house is a protected asset if you need some long term care . if you have the cash instead you have to spend that down to get medicaid assistance .
there are a number of reasons to and not to get a reverse mortgage as mathjak pointed out. Here is one that is a good reason. Let's say that you own your house or have a very small mortgage remaining. You are living on a small income like SSN and not much else. You have no savings and your biggest asset is your house. You have no heirs that will expect the house or inheritance from you. A reverse mortgage can give you additional income to last your lifetime and you can stay in your house. The drawbacks are the house if wanted by heirs will need to have that mortgage repaid by getting another mortgage. If you need LTC you will not have that asset to contend with so that can be good or bad depending on if you are looking at private LTC not medicare/Medicaid associated.
Can you expound upon this (in bold)? If you have a reverse mortgage, and the need for LTC comes up, how would the house aid or hinder you in both cases of - LTC not medicare or LTC with medicare? Thx
I think it is wrong when they have rich and famous people promoting reverse mortgages. Like they will ever need it.
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