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Been thinking lately, what if you were retired and owned your home outright but needed extra cash flow...would you ever consider one of those reverse mortgage things? Seems kinda complicated, but maybe useful? Curious how others feel about it.
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"Seems kinda complicated, but maybe useful?"
Yeah, my parents looked into one a few years back when they retired. Here's what we found:
- It can definitely help with monthly expenses if you're tight on cash flow.
- But the fees and interest rates were higher than we expected.
- Also, it reduced the equity they'd leave behind, which mattered to them.
In the end, they decided against it and opted for downsizing instead. Might be worth comparing both options before jumping in...
