Reverse Mortgage Loan Blog

DEAR BOB: My wife and I are in our mid-70s. We have investigated a reverse mortgage, which would provide lifetime income. Also, in case of an emergency, we can obtain a lump sum, such as to replace the roof, although it would reduce our monthly income. Both my wife and I come from families with “long livers.” Her parents died in their 90s and mine lasted almost as long. What happens if we live into our 90s? Will our reverse-mortgage money eventually run out? –Kenneth W.

DEAR KENNETH: No. You cannot outlive a reverse mortgage even if you and/or your wife live to 120.

However, by then there probably won’t be any equity left in your home. But who cares? You can enjoy the tax-free, lifetime reverse-mortgage income as long as you continue living in your home.

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