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Reply to "Has anyone figured out an alternative to a reverse mortgage for a cash strapped parent?"
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[quote=Anonymous][quote=Anonymous]What will his monthly payment be, on the payback? Can he use his $30k to slowly pay down, keeping the bulk of it for home repairs?[/quote] If we are not able to refinance to anything better, I think it's going to be about $650. So yes the $30k could buy him a couple of years. I think the interest rate was/is high because I think it's variable and tied to the market. My mom handled their bills prior to her death. Their original plan was once the primary mortgage was paid off, to take that same payment and put it toward paying off the HELOC. But my mom passed away before that happened and my Dad did not feel that he could afford to do that with the loss of her income. [/quote]
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