Reverse mortgage calculator clark howard11/21/2023 ![]() You will have a hard time pulling more equity out of the house. There is always the chance that your present lender (God forbid it’s one of the megabanks) will be willing to consider a work-out deal, where you pay them interest for a year or two or maybe a little principle and interest, etc. Try to work with your bank or another, perhaps smaller and more community-focused, bank. These kinds of things are tricky anyway and in tough times like this the sharks are in the water. If they are offering you the mortgage based only on your wife, you would have to steer clear of it, right? Pliny, you would have to have a GOOD lawyer look this thing over. That age limit (62) possibility is worrisome. I see EVO X has given you some good information about the usual age requirements and about reverse mtgs in general. Navigation: use the links below to view more comments. I guess that my question would be: Is there any upside to taking a reverse mortgage on our home and 'exactly' what and how does a reverse mortgage work? Jane has $1,400 a month income from SS and about $800.00 a month from her part time job. I see no prospects for employment, anytime soon. We owe $104,000 on the home, have a $15,000 second mortgage and around $10,000 on Credit cards. ![]() ![]() Our home is, of now, valued at around $200,000. ![]() Jane is seventy years of age, I am fifty nine. I have now been out of work for over two years and my better half (who will be called Jane for now) is working part time. (When you start using credit cards to purchase food. It has now gotten to the point that I and my better half are grasping at straws to stay afloat. Reverse Mortgage Advice (Is Clark Howard Around?) ![]()
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