Recent content by Mtxu

As a long shot, you said you own your home so I am guessing it is free and clear. If you could rent it out for enough to cover your expenses like Fantasm suggested, until you can get it sold, and in the meantime rent in FL temporarily, perhaps in time your home will sell for enough so that you...

You are correct. You cannot do a reverse mortgage on a rental. It must be your primary residence. They do check during the loan process, and may check randomly after. About 4 years ago there was a program available for doing one on investment properties, but it is not currently available...

If the original owners died a few years ago, then the mortgage was due when they passed away. The heirs are supposed to notify the lender, as with any other loan that is not assumable. Reverse mortgage lenders allow the heirs up to 12 months to refinance or sell the home and pay only what is...

what is OP?

Moving slowly but surely as you educate yourself is definitely the best advice. But to not even "attempt" something, if that includes getting estimates to see what all your options are, is not. Both my parents bought LTC policies while in their early to mid 80s (they are both now almost 89...

Well she referred to her 2nd mortgage, so that assumes she has a first as well. Paying it down with cash is always an option, but personally, especially right now, I prefer to hang on to cash. But the good thing is that she has some options.

I am not a financial adviser but it appears she has options. Without knowing more of her details (e.g. if she even has enough equity to do a reverse mortgage or the condition of her health to qualify for a LTC policy), she could use the funds from the reverse. Or perhaps her $100k...

As she would be now if she didn't pay her taxes or insure her home. Her county would foreclose on her for unpaid taxes and all lenders require insurance and maintenance as a condition of any loan, reverse or otherwise. The difference is that now she has 2 loans and if she misses those...

Have you seen a state-run nursing home? Would you like to live in one of them? Life expectancy drops significantly when one moves to a nursing home. I find most seniors prefer to live out their lives in the comfort of their own homes. And they prefer to be independent. Even if she...

I would also recommend a reverse mortgage if you have enough equity in your home. At 74, you are qualified. The 3 conditions of a RM is that you live in the house, pay your property taxes and insurance, and maintain the home. The benefit for you is that with a RM, you don't have a monthly...