First, I extend my sympathy to you for your difficult circumstances. A reverse mortgage is one where they pay you, not you pay them. In short, the “lender” uses the equity in your home to provide income as in an annuity. It is a relatively complex process and you really need to see a professional to get personalized help. Loan officers at those companies have specialized training and will be happy to help.

You ought to move very slowly and consider your options very carefully. Reverse mortgages are very expensive initially and you need to be sure you are going to stay in the property long enough for them to work out. You should also seriously consider the option of downsizing now and moving to more affordable housing.

A number of your questions might be answered HERE.

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