Who got one and regretted it ? Who got one and loved it ? Who is now debt free but strapped for income ? Tired of working and scrimping at 73 so our kids who are well fixed will inherit a free and clear place ?

Need a lot of equity, I hear. Never done it.

I work so I can retire. I'm not worried about leaving my kids anything if it means I have to struggle more. If I raise them right, they'll be just fine on their own. Whatever I leave is a bonus. However, if I take care of me, I'll be able to help them as well. Good luck. I hope you figure out what you need.

Have you considered selling and downsizing your stuff you don't need? At your age it may make more sense to rent or buy a smaller home than do a reverse mortgage. That's my thought but others may give you better input

Well if your strapped for cash a reverse mortgage might help but it brings a lot of problems down the road. Number one is the mortgage company will visit your property annually and if the home needs any work It must be done,Say it needs a new roof in 10 years if you don't have the money to reroof they call the loan due and you either sell your house or pay back what you owe on the reverse mortgage. I would never do one I'd sell and down size before I have a company telling me what I have to do in my home.

I don't like the idea of renting. Rent cost can always go up. A fixed mortgage won't. Part time job maybe. Not hard to find.

Reverse mortgage is one of the biggest scams on elderly property owners to ever come down the pike. It is a sinking fund and it will eat up the equity in a home or property in a fraction of the time it took to gain it in the first place.

If a person needs money that bad, sell it.

Couldn't agree more!!!

while I agree with the downside of rent I would say that someone who retires and still has a mortgage is doing things wrong.
At that point one should reassess priorities. Cut costs and sell assets, sell house and downsize to a smaller one/lower cost one.

I know not everyone makes the big bucks but I'll bet there are ways everyone can cut their living costs if they have to.
When one retires costs should go down. 1 car not 2, less driving less gas, plant a garden lots of time to tend and can food. to name just a few.

Of course this should be done long before retirement.

I agree 100%. My mother did one to make "improvements". Then she died, and now my sister who was her caretaker is homeless.

The problem with this is if you sell your place to downsize, it'll cost you about the same or more for a place half the size of what you have now.

I am retired and have a mortgage. My rate is 1.875%. Got about seven years left.

Keep this advise coming ! The first time I ever thought of getting one was when a old friend of mine got one and his kids were angry because they thought they would get the place free and clear . Another friend got one and for about 7 years then sold the place and pocketed $ 200,000 then moved to a apartment .When you get opinions on this forum you never know how well folks are informed on the issue BUT you know that they are not influenced by self gain . Its just that---- a honest opinion !

At age 82 my Dad got an adjustable rate home equity loan rather than a reverse mortgage. When he needed money he used some home equity, had to pay the interest every month, sold the house at age 90 and still put 200 grand in his bank, paid back about $50,000

A home equity line of credit is nice to have. My credit union will give you one with no charges. Borrow what you want when you need it. Downside is you will need to make monthly payments on whatever is borrowed.

From Flicker Shad: I don't like the idea of renting. Rent cost can always go up. A fixed mortgage won't. Part time job maybe. Not hard to find.

He's already working according to his post. Renting isn't the worst option in some situations. At his age he wouldn't have to worry about property taxes anymore, home repair and the other costs of home ownership. The other option is buy a less expensive home. Check out mobile homes if need be. I'm not saying live in a seedy trailer court but there are 55 plus communities in many areas that are mobile homes for older people. He's obviously struggling and needs a change.

I've heard from my brother in law who priced one that they decide what your home it worth, and it may not be anywhere near what you think it is. They base how much you'll gain off their idea of what the home is worth, not necessarily what you could actually sell it for. It's free to get an estimate from them though and run the numbers and see what works out best for you.

Why not sell it to the kids and keep a lifetime interest in the house. You could even make the payments on the mortgage from your cash windfall. The fees on a reverse mortgage are high.

Basically with a reverse mortgage you are renting your place from a new 1st mortgage holder who will put maintenance demands that will use up a lot of the liquidity you hoped to achieve.

Bryce