Yeah, just out if curiosity, I dug into a RM on our place.
It's a sweet deal.......for the buyer!!
Honestly, I just checked one company
They purchase the home at "wholesale" prices. They are buying with the intention of selling. You basically sign a contract that gives the buyer unlimited access, even if you DO live in it. If the home is not maintained to their satisfaction, they can call in crews to restore the home up to their standard.....and charge you, i.e. reduced monthly payments. You are expected to maintain home owners insurance and any applicable home/property taxes.
When YOU buy a home, the lender "expects" you to pay taxes, insurance, maintenance and payments. When a RM business buys your home, you get their payment, but your still on the hook for home "costs"!
I would NOT do a reverse mortgage. If you haven't built a retirement fund, you'll probably just blow through whatever you get paid.
