Go Back To Search Results Question Are there any alternatives to Reverse Mortgages? My gram is 63 and is paying her mortgage every month but doesn't have much else left over. She owes $179,000 on a house worth $210,000 in this market. Is there any alternative to a reverse mortgage where she wouldn't have to make a monthly payment? She is getting sick and afraid she might have to cut back her hours at work. Any help would be appreciated! :) By Rebecca A Posted on 01/12/08 Total Answers 2 Answers- She doesn't have enough equity for a reverse mortgage. So you don't have to worry about that one. It was a very bad idea anyway, she would end up homeless pretty quickly. ALternatives are selling, refiancing, or her children helping her. I help my parents. Answer by : Landlord On Date 2008-01-12 18:39:02 sell the house and move into a senior apartment that she can afford. she'll have SS income when she retires. she should put the proceeds from the sale of the house into an investment vehicle appropriate to her age, need for cash, etc. reverse mortgages are expensive and she doesn't have much equity in the house. Answer by : noitall On Date 2008-01-12 18:43:06   Go Back To Search Results