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[quote=Anonymous]OP....I'm very sorry that you are in this situation.  I have some experience with this as I just helped my grandmother get a reverse mortgage last year.   She was living on $ 750 per month and there was no way to make ends meet.   I helped her for as long as I could but with a job loss and then a pay cut, I wasnt able to continue helping as much.

The reverse was the best thing she could have done.  Her house was worth about $220,000 and the bank cut her a check for $ 160,000.
It has made her life so much easier.   She was resistant to the reverse mortgage for a long time because she was wanted to leave the house to us after she passed.  It was much more important to me that she has the highest quality of life while she is here.  It is her house and she worked her entire life for it.  She is 85 and still works!

You would have to talk to a lender about the exact fees but they are no where near the $ 15,000 - $ 20,0000 someone else quoted.  I think hers were around $5,000.  There may have been some other small fees adds as well.   We used a good friend of our family and he is very knowledgable about these types of loans.  Over half of his business is from reverse mortgages.

Let me know if you would like his information and I will post it for you.

If you do this, you will get rid of the $ 1,900 payment and get some cash out.   That should help tremendously.  And your FIL can stay in the house as long as he lives.

Good luck in whatever you decide. [/quote]

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