Dear Liz: I read with interest the letter from the person who was a tour guide and lost their job due to the virus. I kept reading, expecting you to suggest a reverse mortgage. Are these a bad idea?
Answer: Not necessarily. The person in question owned the home with a sibling, and the sibling did not live in the home, which could complicate the process of getting a reverse mortgage.
If there was substantial equity in the home, however, a reverse mortgage could pay off the existing mortgage and might be worth the effort. One way to investigate this option is to talk to a HUD-approved housing counseling agency.
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