Unless you are 62, this will just be something interesting to read, but if you are 62, this may be a subject you should look into.
We all know how stroke robs people of the things in life that they have worked so hard for. We know about people loosing their homes because they are no longer able to pay their mortgage payment or the taxes and insurance on their homes and desparately need the money for their long treatments. I don't know the % of people here that are 62 since there seem to now be so many younger people who have gotten stroke via PFO, but there may be some.
My sister had gotten an invitation to attend a presentation on reverse mortgage. It was held at a restaurant and lunch came with it, so it was a very interesting proposition. She could bring 4 guests with her and so she took me. Since I am getting closer to again being a home owner, perhaps this would also be something for me as well.
The speaker was the president of the company and really good and very easy going. People were permitted to ask questions as he went along so they would not be forgotten, which many speakers do not allow.
The deal is this. You may be feeling a crunch but no one ever thinks of the money they have invested in their home as being a valuable source, except if that home is sold. In this case, you get to live in the home as long as you want and you get paid a monthly tax free amount. You cannnot be forced out of your home in any way and you can spend the money anyway you choose - no questions asked. Even if you choose to blow the money on a trip to Las Vegas, or buy the car or boat of your dreams. Your home which you paid for for many yearts is your equity and that money is yours.
I can't explain all of the factors but if you have a home and need some cash , check into it. It has been changed from the reverse mortgage of years ago and is backed by the govt. This money may not be enough to live on but could be that little extra that you need, and even if you get SSDI, I don't think this counts as income because you already have this money
Never assume you are not qualified for something unless you have checked it out.