Anyone have one? Any experience with them?
I'm a retired widower, no kids, siblings are all OK and their spawn are either also OK or lazy adults who don't have much interest in working. I have a fair amount of equity in the house I'm living in at present with a token loan payment on a small mortgage. I don't need any additional income for living.
The 'problem' comes in is what will become of all of that cash in my house once I get hit by the proverbial bus? Wife and I worked too hard for too long, sacrificed much to wind up in this good position. With no one needing or deserving of cash, the only alternative I see is to get a reverse mortgage. And the type I'd be looking at would be monthly payments, sort of like an 'annuity'.
The reasoning for the monthlies rather than the lump sum would be due to the interest rate I'll be charged. I'd rather have my debt growing, interest wise, indexed to a gradual increase in principle over the period versus the interest portion indexed to a lump sum at the start of the term. The interest load is much higher, longer with the latter.
Or I could just sell the house and live FT in an RV and/or rent, the latter I'm not too fond of.
So, anyone have any input? Experiences?
I'm a retired widower, no kids, siblings are all OK and their spawn are either also OK or lazy adults who don't have much interest in working. I have a fair amount of equity in the house I'm living in at present with a token loan payment on a small mortgage. I don't need any additional income for living.
The 'problem' comes in is what will become of all of that cash in my house once I get hit by the proverbial bus? Wife and I worked too hard for too long, sacrificed much to wind up in this good position. With no one needing or deserving of cash, the only alternative I see is to get a reverse mortgage. And the type I'd be looking at would be monthly payments, sort of like an 'annuity'.
The reasoning for the monthlies rather than the lump sum would be due to the interest rate I'll be charged. I'd rather have my debt growing, interest wise, indexed to a gradual increase in principle over the period versus the interest portion indexed to a lump sum at the start of the term. The interest load is much higher, longer with the latter.
Or I could just sell the house and live FT in an RV and/or rent, the latter I'm not too fond of.
So, anyone have any input? Experiences?
