Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
Just guessing here, since I really have no expertise on this issue:


I would suppose that selling would produce the greatest amount of money available to spend.

I would suppose that a reverse mortgage would produce a smaller, monthly stipend.

Having the money in cash means your father has the greatest ability to meet spending needs.

A reverse mortgage might leave him cash strapped like he is now.


Also --- frankly I don't think 90 year olds should be living alone in a house. They probably can't manage a house without extensive help, and are vulnerable to problems and hazards.

Personally, I plan on disposing of my house about age 70 and move into my rental house for three years or so, and then sell that.

I plan on renting for the rest of my days.


So frankly, my own biases support selling the house, not hanging on to it. But of course, your father apparently has different ideas.


Seattle Pioneer
Print the post  

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement