My spouse (67) and I (72) are retired with an revenue of $70okay/yr and a financial savings of $30okay. We’ve an mortgage of $300okay with a mortgage fee of $1,786/month on a single household residence valued at $600okay. We handle to spend all of our revenue.
We want to convert our fairness into money to enhance our high quality of life.
One of many decisions is to downsize, the opposite is a reverse mortgage.
Can anybody inform me what vary of month-to-month revenue we might qualify for and the way lengthy that will final?
I perceive that we’re chargeable for taxes and insurance coverage and have to take care of the house as our precept residence.