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Reverse Mortgage

By Terry Savage on January 23, 2017 | Housing / Real Estate

Have been advised to take out 'perverse' mortgage' to pay for 1/3 of house stuck in trust... have apprehension want some objective information about these ....

Terry Says

Wait,  I don't know what you mean by "1/3 of house stuck in trust."   You'll need to send me more details.  But be advised that you can only take out a RM on a house that you and your spouse (both over age 62) own.  And it must first be used to pay down the mortgage balance -- that is, the amount you can withdraw will depend on your equity after mortgage.  I'm not quite sure this fits your situation -- Please re-post with more details.

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