NorthNola
Dryer sheet wannabe
Hi all, Another question as my sis and I try to navigate next steps in our living arrangement and 1-3 year plan to move to something maintenance free. Want to know if any of you have any experience with reverse mortgages. Long story short. 64 and 70, neither of us has children, no additional siblings so no close "next generation" to leave anything to.
2m in investments, savings
primary home paid off value 175k,
second home condo value 425k w/200k left on mortgage (2k month).
Because of the housing market selling my primary residence isn't going to free up enough to cover a new condo. I don't want to rent because potential increases don't seem as controllable or minimal as HOA or condo fees. My FA and another friend in the FA business both suggested a reverse mortgage as a potential to free up cash. I am not ready to give up the vacation home and selling and buying smaller there isn't realistic because of the housing market as well (and the 3.3% interest rate). I am perfectly fine "leaving my home to a bank". Any insight or experience is welcome. Thanks!
2m in investments, savings
primary home paid off value 175k,
second home condo value 425k w/200k left on mortgage (2k month).
Because of the housing market selling my primary residence isn't going to free up enough to cover a new condo. I don't want to rent because potential increases don't seem as controllable or minimal as HOA or condo fees. My FA and another friend in the FA business both suggested a reverse mortgage as a potential to free up cash. I am not ready to give up the vacation home and selling and buying smaller there isn't realistic because of the housing market as well (and the 3.3% interest rate). I am perfectly fine "leaving my home to a bank". Any insight or experience is welcome. Thanks!