Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

DEAR BOB: My husband and I, ages 74 and 77, respectively, live in our home worth about $900,000 for which we paid $125,000 in 1978. We have a remaining mortgage of $44,000 at 5.25 percent interest with $330 monthly payments. But we dislike sitting on all that "dead money" in our home equity. We've been investigating a reverse mortgage to pull out some of that money to either invest or help our daughter buy a house. However, we are not interested in additional monthly income. Is a reverse mortgage the way to go? --Darlene MacP. DEAR DARLENE: My question for you and your husband is: "Are you in reasonably good health and do you plan to stay in your home at least five years?" If your answer is "yes," then a reverse mortgage could be ideal for your situation. Purchase Bob Bruss reports online....