Finance question: Reverse Mortgages?

[jbsegal]

Mom's considering one.

Opinions?

(I've got www.aarp.org/revmort/ up to read... but if anyone can provide personal opinions, I'd like to hear them.)

Thanks...

Comments

[tamidon.livejournal.com]

I can't remember which issue it was of Consumer Reports, maybe a year ago, that went into it in great detail.

[betweenstations.livejournal.com]

As I understand them, they can be good things so long as the terms are fair, and depending on the age of the client. A lot of older folks have a lot of real estate and insufficient means to deal with property taxes and the like, and don't want or cannot move. But if someone is a 'younger' senior or has unrealistic expectations of how much they can take out of the house each year, it can get messy because they run out of house before they run out of life, and 'selling' the house will net them no equity for subsequent housing acquisition.