Reverse Home Mortgage Helped Grandma

by Scott
(Delaware, OH, USA)

How a reverse home mortgage helped Grandma
Because of a reverse mortgage, my grandma enjoyed her later years. I would recommend a reverse mortgage to any elderly person who outright owns their home.



My grandmother did this after my grandfather died. She was in a pinch financially, as they had both lived much longer than they had planned for (she died when she was 98!).

My mother suggested she look into a reverse home mortgage and, with my mom's help, they found one that worked for her. When my grandma died a few years later, mom sold her home. The sale of the house paid off the mortgage and also gave mom her inheritance.

It worked out great for grandma. She had enough money to do some things she wanted to do and to just make ends meet as well. I feel these loans, at least the one grandma took out, are safe if you are smart about it.

Realize that you are basically giving your home to the bank and that you will be taking away from any inheritance you may have been leaving your relatives.

Also realize that there are fees and points with these types of loans, so you will not get 100% of what your home is worth. But reverse home mortgage is still better than going hungry!

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