re: Thinking of a Reverse Mortgage

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$1035.00 into our monthly budget going forward with our retirement.

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Is that $1035 your existing mortgage payment including escrow for insurance and taxes? Because you're still going to have to pay for insurance and taxes, so now you might only be talking about a net gain of $600-700 in your monthly budget.

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I’m 63, wife is 66, she’s retired from LSU

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I'm no reverse mortgage expert, but yall seem too young for one. Assuming you're both in good health, then you're looking at another 20 years each of life expectancy and a RM over that length of time is going to sap you of all your equity in the house.

Are you retired too or just your wife? Tell her to get a part time job working 1-2 days a week doing something she enjoys if you really need that extra $1000 a month or start selling for one of those MLM brands that the soccer moms love.