May I ask for advice about reverse mortgages?

[carnivor]

Because of horrible life events, I find myself at the age of 60 disabled and unable to get a job. My only real asset is my house. Am I allowed to mention numbers here? I have a lot of equity and a comparatively small mortgage, but I still can't pay it. Next year I can get Social Security; that plus some rental income should be fine, as long as I don't have to pay the mortgage.

 

[walleyes]

You’re actually pretty close to the typical reverse mortgage scenario, but the timing is the main issue - most programs start at 62, so at 60 you’d need a short-term plan first.

Also, it only helps if the reverse mortgage can fully pay off your current loan. If it doesn’t, you’d still have a payment.

More info: reverse.mortgage/5-options-when-you-dont-qualify

If it does work once you’re eligible, then yeah - it can eliminate your mortgage payment and help you get by on Social Security + rental income. Just remember you’d still need to cover taxes, insurance, etc.

 

[J Grant]

Because of horrible life events, I find myself at the age of 60 disabled and unable to get a job. My only real asset is my house. Am I allowed to mention numbers here? I have a lot of equity and a comparatively small mortgage, but I still can't pay it. Next year I can get Social Security; that plus some rental income should be fine, as long as I don't have to pay the mortgage.

A reverse mortgage can also make monthly payments to you - imo speak to a few mortgage professionals who specialize in them.