Homelessness looms

The reverse mortgage trapdoor

A reverse mortgage can be great for old folks like us -- we are 80 and 83. It paid for termite repair and kept our house from falling down. And the only expenses are that you have to pay the real estate taxes and keep your home insurance paid. But if you don't, it triggers a foreclosure and eviction. If you see that about to happen, it's terrifying.

Years passed, and all was well. Then came some changes -- my income declined, Covid made it worse, but we still were able to pay our bills.

Then last month they doubled our insurance premium.

We were able to get it reduced to a two-thirds increase, and we could just about make the payment on time -- then my wife had health problems Medicare wouldn't pay for, and our old car needed a new fuel pump, and now we can't pay all of the premium due on November 24. We need $1400 to do it. Without it, that terrifying risk of foreclosure and eviction gets real.

We will pay it back. We don't like asking people for money. We've worked hard all our lives and earned our way. In the next few months, assuming no more nasty surprises, we will be able to pay back into GoFundMe for other folks what has been given to us, and more. It's only right.

So, if you're willing to help us so we can help others, we thank you.