My sister swore a reverse mortgage was a scam but I got one anyway

My sister Anne told me reverse mortgages would eat up all my equity and leave me with nothing... I went with a HUD counselor in Omaha anyway in 2021. After three years, I've got a fixed income covering my property tax and still own my house outright. Anyone else here have family push back on your elder care financial decisions?

3 comments

3 Comments

williamhenderson3d ago

Boy, your sister really went all in on the scare tactics huh? I dunno if it's really that serious. Reverse mortgages got a bad rep from people who didn't read the fine print or just listened to horror stories. Your fixed income covering taxes sounds solid to me, but I gotta wonder how it plays out if you need to sell or move in a few years. My neighbor got one and it worked fine till his roof caved in and he couldn't get extra cash for repairs. So I'm not saying it's a scam, but maybe just keep an eye on what happens if your situation changes.

fionafoster2d ago

My buddy Dave got one and then his furnace died, no extra cash to fix it.

wade_kelly772d ago

My buddy Dave got one and then his furnace died, no extra cash to fix it.