I see. That would get rid of the $2750 monthly payment. Her SS of $3000 might still be cutting close with remaining expenses, which I believe may be underestimated. It would not surprise me at all if the $40k credit card balance is partly due to lumpy home maintenance costs.A reverse mortgage can be used to pay off the mortgage and she would still have $475K in home equity. ($850k-$375K)
If the balance on the reverse mortgage is $400K at 7% that would cost $28K a year.
Of course, the equity will disappear over time.
Statistics: Posted by madbrain — Thu Mar 28, 2024 12:19 am — Replies 25 — Views 1486