Reverse mortgage not just for owners of upscale homes

DEAR BOB: My father, age 75, is considering a reverse mortgage on his home. However, your letters always seem to be about $400,000 homes. His is worth only about $130,000. He will not be getting a lot of money. Is it worth it? What if he lives to be 85 or 95 years old? – Karen Z.

DEAR KAREN: Your father's situation is ideal for an FHA reverse mortgage if he needs additional income. He can use the funds for added monthly lifetime income no matter how long he lives.

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