Dear friends, can we talk about Reverse Mortgages and how awful they are?

[Paper Roses]

Some time in 2008, my husband and I thought it would be a good idea to take advantage of a RM. This scheme was being promoted everywhere..what could go wrong? We both worked all our lives, paid our bills, did what we should. Then: college for the 2 kids. Since our house was paid for at the time, we thought this solution would be a help to defray the costs the the kids education. No real debt at the time(owed Credit Card about $200.00) Our plan was to do some updating and sell the house, move to something smaller that needs less care.

Next step..paperwork done, RM funds on hand, we took a trip to France. The trip cost us about $4000.00. Well worth it. Europe is amazing.

Here comes the other part. Three weeks after our great trip, my husband died of a stroke. He was healthy, no sign of any problems. It has been tough trying to face up to the abrupt change in my life.
Now, years later, I'm trying to keep it together. The house now has a good size mortgage, my health is not really good. I want to move but cannot find an apartment worth spending $3500.00 a month to rent. Dumps, dirty, no parking, no washer/dryer hook up, dated appliances...the list goes on. I am very senior, there is no job out there for me, especially since I have health issues. I lost my job in 2008 when my company moved to Alabama. Could not find a new job anywhere...yes, there is age discrimination, no matter what your skills.

Now I'm scared to death about the intent of the FEDS to increase interest rates up to 6 times this year. I cannot understand any of that, Inflation is killing al of us, these increases will wipe out the remaining equity in my house. After a million years of working myself to the bone, I could be out on the street.

The waiting list for a 2 room Senior housing is 7 years...7 years!. I'll be long gone before that.
I guess the point of baring my situation is to warn people about the long time issues in regard to a reverse Mortgage. You never know that will happen that destroys your plans and leaves you...stuck.