Re: Reverse mortgage/Jann

[Rayilyn Brown <RayilynLee@xxxxxxx>]

Jann, a reverse mortgage as I undertand it is a way to get more income,
definitely an option, esp if your home is paid for and appreciates $100,000
in 4 yrs.  If you pull all the $ out they can't throw you out, the bank or
lender would get your house after your death. I think the trick is to get the
right reverse mortgage.  In-home care still costs more than my income.  Also,
if you spend down your savings, as you must,went into home and if you got
cured, God willing, and came out of nursing home you have to pay back with
your home/assets, a happy prospect.  The system seems to be predicated on the
proposition that you are not coming out.
I don't know what the answer is to all this, but it is a very serious problem.
Ray


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