Up front I don't have direct experience with reverse mortgages nor ever will have. Now that being said--Let's look at it the banks are in this to make money so how do they make money on a reverse mortgage and how do they maximize the profit? While I was still working one of my coworkers and his friends were helping another friend who had taken a reverse mortgage. Now this older fellow had lived the length of the reverse mortgage and the bank wanted him to either pay back the money or leave. Of course he didn't want to leave and couldn't pay the bank the money so this group of friends paid pay-off amount and the old fellow lived there till he died. When I heard the story the group of friends were in the process of fixing the place for sale and wondering if they were going to make any money. So here is my take on reverse mortgages. The Bank (which ever one you choose) will give what they think they sell for--a much reduced evaluation from the appraise value--and when you have to pay the bank off it will be at the THEN appraised value Or get out. You are better off giving the place to the heirs, wait the five year look back period and then allowing Social Security pay the nursing home bill. Once you are in the home it too late to give the place away--you will have to pay death taxes, income taxes and I don't know how many other taxes I.E. the government is going to take your asset!
Much as you don't want to hear it your Grand Gram make a mistake common to her generation the result of which is that either the government takes the place of she sells it and pays all the taxes or she gives it to the heirs and they pay the taxes Or the home bill. BTW why is it costing 11K a month--that seem excessive. Did she or relatives/heirs pick the most luxurious home you could? Maybe she moves?
Sounds like you all have some serious soul searching and some real tough decisions to make.
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