Question:
“What do you think of reverse mortgages?”
Answer:
I think they’re a great option for many older people. My parents had one and it allowed them to stay in their home until they passed away.
The downsides are the high 15K+ upfront costs and the obvious fact that the equity is slowly used up as time passes. I have heard there may be some new reverse mortgages with lower upfront fees, but I don’t know for sure.
Here’s a great source of info from the U.S. government.
