Hello mustachians - I'm in the process of helping my mom retire. She's 65, was asked to retire next year, her house is worth $550k, but she has a $360k mortgage with 26 years left on it! She rents out one of the bedrooms, but it's still an enormous expense. She asked me to check into reverse mortages, and from what I can tell, it would reduce her monthly payments at the expense of basically losing the house to the bank or having one of her heirs (me) have to deal with her mortgage when she passes away, including all the accumulated interest.
Do any of my fellow mustachians have experience with this? I'd like to show her that it's a bad idea, they try to help her sell the house and use the ~$200k difference to buy a 2 BR condo (or get pretty close).