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I feel that reverse mortgages can be a difficult concept. People should not become involved here unless there has been some good legal and financial advice. I recall that when I was a nurse in a large hospital, an intake person telling a patient's husband to consider a reverse mortgage to assist his wife to go into a nursing home. I do not know how this issue was resolved, however, the nurse/intake worker was dismissed from her position. If a person uses these monies, and they are used up, he then loses his home.
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These are last resort sources of money.
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"If a person uses these monies, and they are used up, he then loses his home."
You have a serious fundamental error in the above statement. The HUD insured (HECM) guarantees the borrower agains loss of the home as long as he or she lives in the home. You can learn more by referring to www.AARP.org, or www.reverse.org, or www.reversemortgage.org.
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