NPR: what do mother do with her house? Reverse mortgage sounds good

The current housing market has led many older homeowners in a dilemma: sell at a loss, or run the risk of a stay at home beyond the point where it is a good idea. It has many families wondering what to do with leave their homes, says a national public Radio segment. For some says take a reverse mortgage would be a viable option for them, NPR.

The past five years, have home prices plunged by about a third. During the same period, the annual cost of assisted-living facility residing in a 5.7 percent per year, according to a recent survey by Genworth, a long term care insurance provider increased.

So what should be done with the House? Try to sell in a depressed market? Or rent it to perk up prices? Or would it make more sense to take out a reverse mortgage and try to stay in the House, using money from the transaction to hire more help?

…When a crisis hits

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Labels: house?, mortgage, mother, Reverse, sounds