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1. Sell it. Problem with that is, you'll either have to live in the street, or buy another house. And greenbacks don't make for very good building materials.

or

2. Borrow against your equity. Basically, you pay someone else (the bank) to use what is supposed to be your money (your equity). Now how is it that you have to pay someone else to use what's is supposed to be yours? Sounds more like, it (the equity) is THEIRS! And a reverse mortgage is just that - a mortgage. It's debt. It must be paid back. Maybe not by you, but certainly by your heirs. That whole thing about the bank taking possesion of your house and selling it on behalf of your estate to get what you owe, is hogwash. [As Flava Flav of Pubic Enemy fame would say, "Don't, don't...don't, don't .... DON'T believe the hype"!] It's a last resort on the banks part. Do you want to saddle your kids with the burden of repaying a debt you created?"
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If you sell your house, you get a pile of money....and I assume apartments will still be around? Or you buy a second hand travel trailer, or mobile home, or whatever.....are you telling us all other forms of housing disappear?

You put your money in the bank at 6% interest, on selling your $100,000 house, and get $6000/yr, which should pay your rent plus more....or buy you a $20,000 mobile home......or rent you a $500/mo apt in Florida...

and in number 2, if you have ANY mortgage, you are already doing that. The bank has a lien against your house. You can't sell it or dispose of it, without making sure they get their money first....you get any remainder second. A reverse mortgage is the same....your house is collateral. You don't own it clear and free until there is NO mortgage of any kind.

As to kids having to repay the bank...hun???...kids to do not 'inherit' debt...sorry about that, but if the parents go bankrupt, outlive their reverse mortgage, no longer get SS...(I'm not sure why), sell the house to pay the bank back (and hopefully the house has gone up in value, so they will make money on it in 20 years of the reverse mortgage)... you comments don't make sense....worse case is parents outlive the reverse mortgage, and have to then deal with bank...they either pay rent on their former house, or it gets sold....and they get proceeds above what the mortgage value is. Then, they have to go live elsewhere on their social security and other income...but by then they are probably 90 years old anyway.......

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