Originally Posted by snrusnak
^Is that only if it's a loan? They paid cash for the property and house about 30 years ago! lol
A reverse mortgage is where the bank buys the house from you the same way we buy it from them, once they pay it in full it is theirs and the deed goes to the bank and they own the house. I dont know all the fine print or rules as they differ state to state but worth just checking into and if all else they can just keep it as a rental/timeshare if they want to deal with it.
I have heard stories people swapping houses, trading for something of equal value ( farm equipment, vehicles...ect... ) There are people here trading homes for trucks...But by far, the reverse mortgage is the best way to go, not only do they get the value of the house but interest as well, if its still structured the same since the housing crisis?
Doesnt hurt to look into it.