Unlock Your Home's Equity With A Reverse Mortgage 

I absolutely agree that a reverse mortgage used ONLY to get windows is a mistake. Better to have the children chip in a buy the windows or if eligible, get a traditional home equity loan or line of credit and make the small monthly payments. There are 52 retirement income strategies for which a HECM makes sense when incorporating it with other assets. But a Single Use Reverse Mortgage is not one of them.

Daniel, it sounds like your parents made a decision based on their specific circumstances, which might not be fully apparent. It's hard to believe they would choose a reverse mortgage solely for hurricane windows. I'm curious about a couple of things: Firstly, did they own their home outright? It seems unlikely someone would extract hundreds of thousands in equity just for windows. And if they still had a mortgage, perhaps they were looking to relieve the burden of monthly payments in their later years, prioritizing their comfort over inheritance considerations. It's natural for people to look out for their own interests, especially if they feel unsupported by their family. Maybe if you had been in a position to contribute towards the windows, they might have opted for a different solution. I don't mean to upset you with my questions. My background in finance, insurance, and mortgage has shown me various reasons why people make such choices. And you, being a thoughtful person, probably understand this too, even if it's tough to acknowledge sometimes.

@@AZ-bx8yi Many older folks take out the loans have no financial sense whatsoever. They're grown and it's their right to do whatever. Sometimes the heir can chip in but they can still do things on their own volition. I personally couldn't put myself or my heirs through a reverse mortgage. I suggest you do the same as me. They come with many stipulations. I'm down to passing on generational wealth. They government should out law them. I'm not about to spend all these years paying for a home only for me to die and they come take the home back. Oh hell no. My children and my grandbabies will reap my benefits. Whose to say if I take one out and get sick. I might have to spend a lengthy stay in the hospital. If I get better...I would come home to nothing but my stuff to the curb. If you are away from your home to long and the reverse mortgage company founds out about it, they will foreclose.

A Reverse Mortgage allowed me to remain in my home for now.

Your opions would be to refinance into an new mortgage or to sell the home and pay off the mortgage balance. You could contact Don Graves office to discuss further. hecmadvisorsgroup.com/contact...

It’s a mortgage with special terms. You don’t know what you don’t know.

I do not understand why people don't just listen to what Graves and others are saying. It is really all there is to be said to get a great understanding of the product and what it does for a borrower. Instead, they take all of their preconceived ideas about reverse and only try to understand them under that lense. Maddening.

@@richardwilliam-alt768 Government schools. ;

Sir, whatever you're smoking - can I have some?

@@AZ-bx8yi ZIBL

Yes, they have the potential to make senior citizens homeless. I would rather my heirs get my stuff not no mortgage company.

@@AZ-bx8yi Why? You want to sound dumb too? ;