My mom was fortunate in one way. When my father passed away he left her a small pension and her social security income. In addition he had saved some money over the years so that she has a modest reserve. Their home is also paid for so there is no more mortgage payment. If, and hopefully so, she outlives her savings there may be a need to take out a new mortgage on the family home. Only this time it will be a reverse mortgage. She can draw a monthly payment each month to help her meet her expenses and still continue to own the home.
Live off your home
July 31st, 2008 | Home