Seems to me that you’re avoiding the BIG QUESTION: How long do you want to — or can afford to — stay in your home???
Are you just postponing the inevitable with these maneuvers?
I’m all in favor of a RM — IF you have the income to pay rising property taxes and maintenance. But if you know this is a losing game, then don’t pay the fees to get a reverse mortgage. They will pay off your current mortgage and then give you a monthly check as long as you live there, and keep paying taxes and insurance. Go to www.ReverseMortgage.org to use the calculator and see what you’d get every month, after they pay off your existing mortgage.
And if you don’t understand RMs, start with this article:
Various states have plans to lower seniors’ property taxes and take the balance out of the sales price when they sell or settle their estate. Not sure of the details on the plan you are considering.
But let me go back to my original question. Is this the moment to start looking at senior living, and possibly payment help for low income seniors? You can’t answer that until you look around and see what’s available in your area. That’s the way to take the first step.
Please write back and let me know what you decide.