Need pros/cons of reverse mortgages
Can someone give me the pros and cons and pitfalls of a reverse mortgage for
a 74 yo woman in excellent health, but limited assets outside of 150K home with
no mortgage
They might be a good deal, but they can also be a scam so you have to be careful of the
terms. Probably the reference librarian at Dartmouth can help you locate
the articles.
Another option you might consider is a gift annuity, that is, donating the
house to a qualified charity with a "life interest" to remain in the house
during the donor's lifetime. The donation will provide an annuity (income),
charitable gift deduction, and the good feeling that comes from donating
to your favorite charity. These can be quite attractive financially as well
as otherwise depending on the situation. I'm sure the planned giving office
at Dartmouth can provide further information.