Reported 6 months ago
In a personal finance subreddit, a user sought advice on whether their struggling 73-year-old father, who owes $45,000 on his mortgage and $15,000 on a HELOC, should sell his home or consider a reverse mortgage. Suggestions from the Reddit discussion included selling for financial benefits if willing to rent, the emotional risks of moving at an older age, the benefits of a reverse mortgage to manage debts and living costs, and alternative solutions like taking in a renter or involving family in the housing situation. Ultimately, the decision should be made after careful consideration and expert advice, considering the various pros and cons of each option.
Source: YAHOO