Is a reverse mortgage any good????

[jmk77379]

My MIL had a reverse mortgage that supplemented her meager SS, when she passed in 2018 I bought the house back for 60K cash that she had drawn out if it. I renovated it and it turned into a love it or list it. We still own it and it's appraised at over 300K.

 

[Don selleck]

I always tell my kids thats what I'm gonna do soon, I was given nothing and earned everything I own. I always thought that my meager beginning shaped the way that I am, I inherited, my dads humor and b.s ing capabilities, and got a very small slice of my mothers compassion. Worth more than assets IMO. So that's how I get my oldest to keep on the quality end of my buisiness so it will thrive and maybe I can get a small cut if it keeps going, until my demise, since most of my retirement is assets. then I won't have to sell my hotrods to survive, and guess who gets those...

 

[Hey-O]

My sentiments are the same as Ulli's. Side issues are long term care, and passing on the car collection. My wife and I made arrangements for a top flight continuing care facility. A good chunk of our home equity will be used to fund the entrance fee. One reason I downsized to one old Mopar recently was the impending loss of my storage. I have one daughter, who like your stepson, has demonstrated limited ability to manage assets. I have a comprehensive estate plan that deals with this reality.

Your home equity could be used to finance long term care in your residence. A consultation with an elder law attorney would be a good first step to determining the most effective approach for your personal circumstances.

X2 well said!!

 

[Dennis H]

No, and the hell with the kids anyway.

 

[Hey-O]

I looked around and pretty hard to find another place that I could move into but the stuff that was on the market wasn't even close to what I needed. What I needed was a barndominium and everything that was available was pretty much close to what my house appraised for and the cheaper ones were junk. Then there's the 'new neighborhood' where you just don't know what's in it. I know what's in the neighborhood where I've been for over 41 years. After weighing all the facts, I feel that I did the right thing.

You did fine! Your situation called for a big move. That's why getting a divorce is for the wealth, it usually hurts and will leave a mark!