I'm considering a reverse mortgage on my house. Anybody here have one, or know something about them?

[MaryMagdaline]

29. Reverse mortgages are not terrible if you can get over some psychological hurdles

1. I make the assumption that I will die broke.
2. I will either be in my home or a Medicaid nursing home.
3. If a reverse mortgage guarantees that I will not be homeless, I just have to accept the fact that I do not and will never own this house that I love. It now belongs to a stranger who has guaranteed I can live there for life so long as I can afford to pay taxes, insurance and maintenance/upgrades.
4. You can’t get full value for your house without selling. And you have to give up the thing you love in order to get full value.
If you sell, you get your big check but even if you downsize, your taxes could go up and your insurance will go up, and no matter how big your check, you are living in your second choice home (or no choice at all home) and your money will still run out.
5. If you stay in the home that you love and you can afford the taxes and insurance you have to accept the fact that your physical security (never having to face homelessness) is bought at the expense of greedy capitalists who will make exorbitant fees while you live and will be rewarded with your home when you die.

I can never make a financial decision by looking at the greedy asshole on the other side who might benefit from the deal. If the deal gives me something I cannot otherwise get without making the deal (in this case - security from homelessness) then the deal is a good deal in my eyes.

I have a sister who wants to keep her small house. It’s a one story, two bedroom, two bath with one extra bedroom or work space. It’s perfect if she has to have help come in in her old age or if she’s ever wheelchair bound. Her taxes are low because she’s been there 20 years and benefits from Florida’s homestead statute (gives deduction for 65 plus and widow plus caps percentages that taxes can be raised).
In her case, having peace of mind (free from homelessness) is worth the extra money she might gain from selling her house on her own. That money will run out anyway. Her taxes will go up if she moves.
For some people reverse mortgages are worth the peace of mind.