"nestork" wrote in message
...

'Bob[_66_ Wrote:
;3278158']
Never give up control of something you own. Run away as fast as you can.

That's exactly why I don't like these "reverse mortgages" you hear
advertised on TV. Basically, you sell half of your house back to the
reverse mortgage company for whatever the price is NOW. Then 20 years
from now, when you pass away, your estate only collects half of what the
house sells for. The reverse mortgage company you deal with pockets the
other half.

That's not exactly how it works. It is a rising debt loan, the interest
continues to accrue, and this increase compounds over time. You may end up
with more or less than 50% of the proceeds from the sale.

I think that before a reverse mortgage is entered into, serious
consideration should be given to downsizing: selling the house, buying a
smaller house or condo, and putting the rest of the proceeds away for
careful budgeting.

And your remaining lifespan has a lot to do with how much sense it might
make.