Question : With a senior reverse mortgage, when and how are the fees expected to be paid to the provider.?
I am 64 ( retired ) and my wife is 59..We are both on the original mortgage which is paid off. To qualify she will be taken off the co-ownership of the house. We are doing this because we are broke except for my social security check so we couldnt pay any fees until the loan was in our hands. We live in Tx. and our house is in great shape and recently valued at about 125,000. Can someone please tell me what to expect?
reverse mortgages for seniors

Best answer:

Answer by m2
i know things seem tough.. read the fine print.. it ends up..you will have nothing to leave your children..it goes to pay off the mortgage/loan if you don’t have children then go for it..

maybe talk to your children..and see if they will make you a deal so you can stay…simply they will end up with nothing when you pass… get them (the children)…but read the fine print on that..maybe they will go on a mortgage with their name on title..and 50% ownership.. now you work so hard to not be a burden..but … as well..
$ 125,000 seems like a lot of money but it isn’t..can be gone so fast..