Home prices are going to start falling, and it's going to be a major shitshow for the country

[Nictuku]

37. I have some friends who are very happy with their decision

One of them was in high finance when she was working, and did a lot in real estate as well. She told me that when they moved out of Florida back to California, they /bought/ a house with a Reverse Mortgage! (I didn't know you could do that, I thought you already had to have a mortgage)

Here is what I know about it (requirements)

1. You must be at least 62 years of age.
2. You must live in the property as your primary residence (and be there at least x months a year I think... not sure what that # is)
3. You must maintain the property
4. You must pay the property Taxes, Insurance, and HOA fees

I don't think you get the full amount of the house's equity value.

I think that the process of getting a Reverse Mortgage is similar to a Re-Fi (I did just get a re-fi before interest rates went back up, but this was just to bring my mortgage payments down by 300, in the process, pay off the old mortgage and had a new one).

So I am owing about 230K on it currently, if it is worth 700K (that is kind of a big if, need an inspection I'm sure, though I didn't have to get one for my re-fi since it was the same company that I had my old mortgage with). Anyway, after paying the old mortgage, that would leave some 400K, but somehow I doubt I will actually get that much. Need to find out what I would get. I'm going to guess maybe 300K (enough to get solar put on my roof to save on my outrageous electric bill!!! I can't wait)

Anyway, I need to find out (before 2023, so I've got some time)

I need to make sure that my mom can still live here if I die first (as long as she can make the tax payments, etc)

If you don't care who gets the house when you die, then this seems like the most logical thing to do. Live in your house for free until you die? Sounds good to me!