QUESTION: My wife and I are considering a reverse mortgage to pay off our existing conventional loan and receive a few dollars to make repairs. We have a fixed income and are looking forward to living in the house for the rest of our lives without having to make payments. Because I am several years older than my wife, the lender is telling us that we can take out more money if we leave her name off the mortgage. Is it a good idea?
AC- N Ohio ave. 3 BR, newly rehabbed, $1300+util. section 8 welcome (609)432-6476