Reverse mortage question....

[Big Muddy]

My 85 year old mil will NOT sell her home, and go into assisted living.

We are helping out with her nurse care and home expenses, so she can stay home, as long as possible, but the caregivers, etc. are getting expensive.

Anyone know about reverse mortgages???....her home and small acreage is appraised at about $250,000....what percentage amount can she expect to get out of her home with a reverse mortgage???

[jb]

It's not a bad deal for certain people, you do have to pay some high "points" to get it, when she passes whatever is left in the reverse mortgage plus whatever the house sells for above the valued amount goes back to her estate.
Talk to a local banker to get the straight scoop.

[Big Muddy]

Yep, I plan on doing just that, JB....was just wanting to know, if there was some set percentage of the appraised value that is used to figure the amount she might receive.

[BarryBobPosthole]

I don't know anything about them. I do know firsthand though that good care for the elderly is dang expensive, and that's pretty much true regardless of how you're doing it.

BKB

[Big Muddy]

I don't know anything about them. I do know firsthand though that good care for the elderly is dang expensive, and that's pretty much true regardless of how you're doing it.

BKB

You got that right, Phole.....went thru 5 1/2 years of it with my parents....now, we're going thru it with my wife's mother.

They sure can get ornery in their old age, however. ;)