October 17, 2008
You have a home appraised as $400k, you get a reverse mortgage on it based on this value, now it’s only worth $200k
Where did the money go
You can’t take it with you and your kids certainly don’t deserve it – they’ll put you in a home at the first chance they get.
If you were thinking of doing it, now is still an OK time, from what I understand, when the value of your property goes back up (it will eventually) you can take out a second reverse mortgage for the difference.