When is a Reverse Mortgage a Good Idea?

[@billbonu1639]

Any time a commercial starts by saying "look, nobody is trying to steal your home"best believe they're trying to steal your home.

[@Gary-h4r]

Another sitution where a single person without childern or any concern about estate left , may make a reverse mortgage not a bad idea, to help fund retirement

[@WalhoutFinancial]

I agree

[@billbonu1639]

If you can afford homeowners insurance on a house in today's market you don't need a loan.so your gonna borrow 100 grand,pay 5000 a year for ten years for insurance to satisfy the reverse mortgage lender plus upkeep and everything else they require and if you go live with your kids for a year it's game over...if you can afford all that why do you need to borrow money?

[@edhcb9359]

A reverse mortgage is a last resort only. Basically you are giving back your home to the bank at a higher interest rate than you purchased it for and with crazy high fees. The reverse mortgage is only for those who completely failed to plan.

[@WalhoutFinancial]

@@edhcb9359 I agree with the first part. Sometimes circumstances arise that could force even a good planner/retiree to a decision point on a reverse mortgage. Life is unpredictable.