This topic contains 4 replies, has 5 voices, and was last updated by Anonymous 8 years ago.
- May 5, 2011 at 3:24 pm #205231
…Should she get a Reverse Mortgage? I’ve heard good things about Reverse Mortgages for seniors. Would you recommend one. She owns her home and is about $50,000.00 upside down by credit agencies. Please tell me how I can best help her. She is retired, my dad passed away a couple years ago and she is in some tough times. she lives in Miami Fl. Thanks for your advice.
- May 6, 2011 at 7:02 am #260074
This is one option to consider but what about finding a friend or aquaintance who knows of someone who may want to rent a room in her house. It would need to be someone who is close to her age and possibly in need of some companionship.
- May 6, 2011 at 11:35 pm #263757
You and or mom need to talk to a CPA. They are in the best position to tell if a reverse mortgage is right for her. there are numerous factors to look at when commiting to a reverse mortgage.
- May 9, 2011 at 12:04 am #268699
A lot depends upon her health and your families history of longevetiy and illness. If you expect her to live until 95, you may need to look at another solution. How much equity has she in her property? How much short each month is she after S.S.?
Can she get a job? My numbers have me working until 72.
Is she very active?
My Grandmother was about 70 when granddad died. At that point she was still teaching piano, but went out and got a driver’s license for the first time in her life, and got her realtor’s license. Her first year netted her an additional $17,000 in commission and she was top sales in her region. ($17,000 in the early 70’s!)
Miami has a much hotter real estate market than upstate NY did in the 70’s.
Something to think about…
If she is already in ill health, or you have a few hundred thousand dollar house with which to work, the Reverse Mortgage may be the way to go.
- May 11, 2011 at 2:13 am #271798
I would recommend sellign the house before a rip off reverse mortgage that is full of fees and is being looked at very hard by customer advocacy groups. Sell the house, pay off all the debt and rent or buy something less expensive.
But she must never go back into debt. And 70 isn’t too old to work…even if it is just very very part time…any extra income helps and will keep her healthier
Hate to hear about tough times…hope everything turns out well.
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