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 Not a good choice for family
Posted by Melody on 5/13/05 1:20pm

SamIAm has the right info.

What I have seen and like better:
Elderly people get a HELOC on their homes with a pretty high limit. They get a fixed rate. There is usually a nominal fee, like $50 annually, to keep it open.

In the event of a medical emergency, they can tap into their home's equity to get cash quickly.

If they need to move into a retirement facility, they would still have some equity left after the sale of the house. This equity would help them with nursing home / assisted living / Continuing Care Retirment Community fees.

A CCRC is especially good because the surviving spouse will not be out in the street if the residual equity's money runs out.

Lenders and loan officers love reverse mortgages: they make a killing.
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