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I have no mortgage, but housing is still my most expensive budget category--and it wouldn't be if I were a renter.

Okay, I guess it depends on location.

My expenses wouldn't be nearly as high.

Property tax here is reduced for low income.

Insurance isn't too bad
No flood ins.
Very little maintenance stuff.
No monthly charge for sewer and water. We have gravity flow water and a septic tank. We do have to pay for electric, but that would be a similar cost if renting.

Our house is about 2200 sq ft. No doesn't get really hot here.

To get this back on topic.

The problem I see with the reverse mortgage is a monthly payment isn't going to be enough for most major repairs (roof replacement) and lump sum is too easily spent.

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