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by CareyBot

DEAR BOB: I am retired, age 72, and in relatively good health. But I am "house rich and cash poor," as you often mention. I've been looking into a reverse mortgage to improve my income. Also, my house needs a new roof and other repairs. When my daughter visited recently, I discussed a reverse mortgage with her. She was very opposed, saying the bank would wind up owning my house. I want to leave her a nice inheritance. But I'm worried that if I live too long, there won't be anything left for her. What do you advise? --Helen H. DEAR HELEN: Many selfish adult children try to talk their parents out of obtaining a reverse mortgage. The obvious reason is a reverse mortgage will reduce the amount of your daughter's inherited equity in the house. Purchase Bob Bruss reports online. However, you hav...