Reverse Mortgage?

[clr]

Here's how it works

I made a reverse mortgage, it is a credit line for me to cash in at any time.

I get a statement every month. On this statement it tells me what I owe, what are the charges for the month, and how much more is available to me.

I can pay it OR not pay it and let my estate pay it when I'm gone.

If I choose to pay anything on it during the year I am paying interest.Which is deductible.

This is available to people over 62 years of age.

Why leave it to the kids???????????????

[JohnH]

So, what IS the difference between a HELOC and a reverse mortgage when it's set up the way you just decribed? Seems to me they're both apples out of the same barrell...