“Most people with a strong equity position in the home use the reverse mortgage to pay off the first mortgage. Since the owner need not make payments to the reverse mortgage, they tend to use their monthly income stream for other living expenses.”
Which is why I’m interested in the reverse mortgage.
Check with your lender regarding the reverse mortgage. Most lenders underwrite their own form of reverse mortgages with different fee structures, policies, and timelines. The FHA Home Equity Conversion Mortgage (HECM) product is the most “safe” reverse mortgage on the market today... seniors are counseled prior to concluding the mortgage process.