Q. My husband, Steven, and I have lived in Northern Virginia for nearly forty years and we have no plans of moving. We are original owners of our home and our mortgage has been paid off since 1998. Our children all live close by, so we are hoping to stay put for as long as possible. With the price of homes in Northern Virginia right now, we currently have more than $800,000
in equity in our home!
The pandemic has made things difficult these past two years. My husband lost his job and our investments haven’t gone as well as they could have. We will need more money to make our retirement plans come to fruition, and most of the money we have is tied up in our home in the form of home equity.
Our need for money to retire comfortably and the fact that our children are all in a good financial situation is driving us to learn more about reverse mortgages as a way to age in place comfortably. Are reverse mortgages a good option at this time? What happens to people who already have a reverse mortgage and have trouble meeting their loan responsibilities (some of our friends
are in this situation)? Thanks so much!
