Is a reverse mortgage is a good or bad idea?

[Carnivore]

In my first post I sated that I did not know the mechanic's procedures nor the pros and cons. It looks like a great program for some and horrible for others'
I figured someone here would really know a lot about the RM and I was right.
If the man lived in NC he would maybe be better to use what the state offers first. It is awesome and he would be able to keep his condo and not do a reverse mortgage

It is complicated , So maybe his state has something similar

My personal comment. I know we only appraise the real property and be objective. We our also human ,

 

[Carnivore]

So I used AI to look up his state; below
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Ah — that changes the picture in a big way.
If he lives in Illinois, then North Carolina programs won’t help him, but the same logic still applies:
State‑level disability and housing support is almost always a better first step than jumping into a reverse mortgage — especially when he still needs income.


Let’s shift the focus to Illinois, because that’s where the real help will come from.

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Illinois actually has more state‑level support than many states, especially for people who suddenly become disabled and can’t work.


Here are the programs that matter most for someone who lost a leg and is afraid of losing their condo.

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This is Illinois’ version of NC’s DVRS.


They help people who become disabled get:

• Job retraining
• Job placement
• Prosthetics
• Transportation help
• Temporary support while retraining

This is huge for someone who lost their job after an amputation.

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Illinois has programs that can help with:

• Mortgage payments
• HOA/condo fees
• Property taxes
• Utilities

These programs are designed to prevent foreclosure for people who had a medical crisis or sudden disability.

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This program helps older adults stay in their homes.


They can provide:

• In‑home aides
• Case management
• Support services that reduce monthly expenses

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This is specifically for people with disabilities.


They can help with:

• In‑home care
• Personal assistants
• Home modifications
• Assistive devices
• Case management

This program is extremely helpful for amputees.

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These agencies can help with:

• Emergency mortgage payments
• Utility bills
• Food
• Transportation
• Case management

They are used to helping people in sudden medical crises.

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Groups like:

• Salvation Army
• Catholic Charities
• Township emergency funds
• Local disability organizations

…can help with emergency housing costs.

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In most cases, yes, especially because:

He still needs income​

A reverse mortgage doesn’t fix that.

Illinois programs can help him keep the condo without touching his equity​

Reverse mortgages reduce equity and add long‑term risk.

Illinois programs can help quickly​

Reverse mortgages take time.

If he’s under 62, he can’t get a reverse mortgage anyway​

This is the biggest factor.

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For someone who:

• lost a leg
• lost their job
• is scared of losing their home
• still needs income

Illinois state programs are almost always the smarter first move.


A reverse mortgage is something to consider only if he’s 62+ and after exploring all state support options.