Hello Everyone,
New to the forum and could use some guidance. Recently, I have found out that my parent's have been unable to keep up with property taxes and now are trying to be foreclosed. They are 66 and 62 who are currently living off of social security. The property taxes are about ~$6k a year. They currently owe ~$60k in both property and judgment lien. The house, however, is completely paid off, and has a net of $260k. My parents recently got served from the property tax lien company and is now trying to foreclose the home. My question is - would a reverse mortgage be the best option for them? I have been trying to do some research on the RM and it seems like a good option - but I don't know if there is anything "hidden" I should know about? I would also imagine that my parents would want to stay for probably another 3-4 years max and downsize afterwards as the home is too big for just 2 people.
Any input or help would be great. Thanks.