Reverse mortgage vs line of credit
78 years old married good health. Still working. No Mortage, ranch house valued at 1.2 million. No outstanding bills. Approximate assets over 3 million, 70 percent in Tbills with balance stocks and certificates of Deposit. I have all legal documents setup i.e. living will, etc. Cemetary plots all setup. I am very conservative with my finances. Plan on staying in our house as long as possible. Hiring caretakers. Question , With the high costs of pending needs, do you recommend setting up in advance a reverse mortgage or a line of credit. Is there a cost if not use
Thank you
Terry Says
There IS a cost to set up a reverse mortgage, so wait until absolutely necessary.
Read this article for details: https://www.terrysavage.com/reverse-mortgages-explained/
With all that money in T-bills, and at your age, you shouldn’t need to do a reverse mortgage at all! (Unless you’re going on a world cruise and want to take me with you!)
