Would be helpful to understand what you are trying to solve for first. That added context would be helpful, as in most instances RM’s are far from ideal.
cfran...not really try to solve anything, just wondering why they are so bad as a lot make them out to be....bob
Do a little more research, this is a very expensive way to tap liquidity and as others have mentioned it’s horrible from an estate planning perspective. In a way it’s similar to buying annuities, given most aren’t smart enough to fully comprehend the hidden costs/fees.
Ironically when people ask about them, and pardon me but I’m generalizing, it’s usually asked by those that have made poor financial planning decisions and now need money. It’s that simple.
good points....I will give you my situation.....I don't "need" a reverse mortgage...I own my home, cars, boats...and not talking about old stuff, all 2022 low miles....trailers, tractor etc. don't take ss yet...64+ have money saved to live on ..no debt except living expenses.
going to downsize again. why not take one out? shhitload of equity, don't care if there is anything left, to be used for more hunting/fishing trips. trying to see the downside here....bob .
It’s every expensive if you can do the math, but given the above I still am not clear what we are solving for. If you downsize w/o the RM will you not have freed up some cash? Do you need more before you start drawing SS?
An RM for a guy like you should be a last resort, you aren’t desperate and out of money.
