Let’s look at a scenario. You give birth to a child. Over your working years you were able to provide a good life with the income you earned. Because of your efforts, your child has been able to earn a better income than you ever did.
During the years you were able to purchase and pay-off your mortgage. Now you are a senior and no longer able to work. Your expenses have stayed the same, but the Social Security check is less than what you expected. Yes, this can happen when the economy takes a hit.
What can you do to live a stress-free life? Learning how to apply tools helps. A reverse mortgage is the kind of tool that would be a life-saver at this point. You need to talk to an accountant or tax attorney to make sure you get the best payout to cover all your financial needs.
If your child wants that house, let him (her) purchase “Mortgage Life Insurance” and pay the premium on your home. After all, if s(he) wants the house, s(he) should be happy to help keep it. Why can’t s(he) raise you for a change when you need help? The insurance will pay-off the mortgage when needed and s(he) will still inherit a mortgage-free house and your free services as a babysitter. Where is the harm?
