Updated over 9 years ago on . Most recent reply
Getting out of a reverse mortgage
My mom has had a reverse mortgage for almost 10 years. Because of medical expenses and the loss of her and my dads job she now owes about what the house is worth. Now that she has gotten older she is having a hard time getting around the house and would like to move to a house that works for her. She will have a loss if she sells it and have nothing if she hands it over to the lender, if that is even an option. And she does not have money for a down payment on a new house. I would like to know if there are other options available and/or some advice.
Thank you so much in advance for your help!
Lindsay
Most Popular Reply
The one benefit your mother has is she can stay in the house forever--so if she can bear it, the best financial decision would be to stay. Perhaps she could rent out a room or two in the house and get some additional income, as it seems the house may be too big for her. If it is a two-story house and it is difficult to go up/down the stairs, perhaps she could make one of the downstairs rooms her bedroom and never go upstairs.
-Charlie