A reverse mortgage is like an ejection seat: the absolute last resort.
did you read the context of why I started this post?...this isn't about a last resort...its about a way of tapping into an asset .....if you know of a better way of doing it I am all ears....bob
In all seriousness... I want to be helpful here in discussion. I am not a practicing attorney in any state, nor am I a practicing CFA.
What is the purpose or need for the asset funds to be liquidated? Monthly expenses or "fun money?"
If needed for monthly expenses, then downsizing might be a better option. Sell the dwelling, simplify to lower expense housing. Taxes can be the biggest driver of cost to keep a paid for dwelling.
fun money...bob
Oh no. Worse than I thought! Ha! Just kidding around with you! Please seek consultation and counsel before making any moves. Medicaid lookback at application is a tedious process. So is getting denied for any reason and having to appeal. Watch all large expenditures and "gifting" or anything that can be construed as such. Personally, I'd just sell and downsize when the market is prime to do so. Use the equity cash wisely. Protection for my spouse is my focus. I'm different, and more conservative in my approach. If I can't afford to do it, I simply pass.
