Hey sorry wife asking me to ask again
3.25%, remaining mortgage is 110k, house estimate 325k.
Thanks
Just thinking of trying to generate an extra 1k a month for enjoying our retirement a little more.
Reverse mortgages have many reviews but still seems mixed opinions.

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Posted by TorchtheFlyingTiger

1st coast

Member since Jan 2008

2134 posts

Posted on 10/10/23 at 8:03 pm to Oneulus

You're looking at borrowing at 8-10% APR to pay a 3.25% mortgage and interest free tax/insurance.
Unlike a regular loan you dont gradually pay it down. Instead you gradually borrow more each month and the debt and interest compound.
I would consider it as only a near last resort especially at current rates.
What is your monthly cash flow? Are you depleting savings/investments at an unsustainable rate?

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Posted by WhiskeyThrottle

Weatherford Tx

Member since Nov 2017

5341 posts

Posted on 10/11/23 at 6:27 am to Oneulus

Personally I wouldn't consider a reverse mortgage until you're 80 at least or have absolutely no other options. End of life health for one of you will come up at some point and bite the majority of that money out of your pocket and the other will be left with close to nothing. . . or worse. You say it's to "enjoy retirement more" which doesn't scream to me like a necessity. Just my $.02. Find a way to enjoy yourself within your current budget.

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Posted by slackster

Houston

Member since Mar 2009

85114 posts

Posted on 10/11/23 at 5:58 pm to Oneulus

quote:
Just thinking of trying to generate an extra 1k a month for enjoying our retirement a little more.

If you’re already short $1,000/month on your retirement income at 63, you’re going to be in for a world of hurt.

You’ve got a problem with your plan, and the reverse mortgage will do nothing to actually solve it.

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