Re: widowed and broke

Posted by JKelly (141.151.91.180) on June 02, 2004 at 22:21:08:

In Reply to: widowed and broke posted by Ravin on June 02, 2004 at 22:06:12:

There is one other consideration that can ease her immediate financial situation. At her age, she would be able to do a reverse mortgage. They give you the equity in your house (or a portion of it based on your age) and the ownder of the house is guaranteed to live in the house until she either dies or decides to move. She does not have a monthly payment with this kind of mortgage, but, of course, the bank is not going to loose and she will loose some value. I would consider it a last option. Otherwise, Bank of America could conceiveable get a judgement and force sale of the house. If she got the reverse mortgage, it would probably make her judgement proof, at least it would protect the house. The money from the house would have to go in somebody else's name so they could not seize it.

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