Reverse mortgages?

[wryter2000]

I tried to see if we have a finance group but didn't find one. I'm wondering if anyone knows about reverse mortgages.

I know they're a very good deal for the company that issues the mortgage, and some people think they're rip-offs, but I think maybe in my situation one could work out for me. I have no children and no one in particular I want to leave a house to.

Here's the deal...I have a monster house payment -- about $2,400/month. (California house prices!) The only way I'm ever going to be able to retire EVER is to get rid of the house payment. I know lots of people who've sold their expensive houses in CA and moved to other states, but I really, really don't want to move. I love my house and want to stay here.

The way I understand it, the reverse mortgage company gives you a loan lower than the value of your house. You use that to pay off your mortgage and live in your house until you die. At that point, your heirs have the option of paying back the loan and keeping the house. If they don't, the company keeps your house.

I know I'd be losing money this way, but honestly, it won't do me any good when I'm gone. The money isn't worth working until I drop dead. I'd like to buy my freedom with that money. (In another 4 years or so when I'd qualify.)

[arwalden]

1. You Have To Be Over 62 To Qualify... I Think.

EDIT: Here you go...

http://en.wikipedia.org/wiki/Reverse_mortgage

[wryter2000]

2. Thanks!

I'll be 62 in about four years. I have to see an end to this endless WORK! I can retire in 4 years and get early social security. With that and my (meager) writing income, I can live comfortably if I don't have the &^(()*) house payment.