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Terry Said:

What ia a reverse mortgage?

We Answered:

It is a way for the elderly to borrow the equity from the house. HUD.GOV and AARP.com can explain it. You pay high fees and can borrow about half your equity in a lump or monthly payments. It cost the estate what the person borrowed plus fees and interest and they the person sells the house it needs paid off so if you borrow at 62 and want to move at 70 you may not be able to afford the replacement home. The older you start the more you get and the more sure you will want to age in place.

Minnie Said:

is a reverse mortgage for me i am not a senior yet having little problem with payment, would?

We Answered:

No. Reverse mortgages are only available to someone who is 62 or older.

Dan Said:

Can a reverse mortgage be used with one owner staying in the house and the other in a senior living community?

We Answered:

Yes, that is a common use of a reverse mortgage. It can end whenever you want, at latest when the last owner dies.