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In reply to the discussion: I'm considering a reverse mortgage on my house. Anybody here have one, or know something about them? [View all]Lulu KC
(4,462 posts)Depending on your current interest rate, if the value of the house has increased a lot in 25 years and you haven't already done so, a refi can seriously reduce your monthly expenses. There's a fee to do it etc. and I'm sure your bank will review the possibility for you. If you're in the 2.5% interest rate already? Well, that won't help. But there are other options.
You have the impoverished feeling because you can't get to your equity easily, but you have the equity. You are sitting on plenty of money and you are doing the right thing by talking to people who know these things locally.
Your children will not inherit your debt unless you leave an estate, from which the debt will be subtracted. Since your children don't need your money or expect it, dying broke is a good option. It's the not-feeling-broke in the meantime that needs to be addressed. Sleepless nights are not good for us.