A reverse mortgage is not a refinancing per se. A reverse mortgage makes payments to you every month and the loan balance increases with each payment. The loan is paid off when the house sells. It still may not be ideal but they were designed for seniors in exactly this position by allowing them get some liquidity from the equity in their house without having to sell it.
I was unfamiliar with that. Thanks for the explanation. I can see the value in it, as long as it's done carefully so the senior doesn't end up with the short end of the stick. Scoundrels abound, as we all know.
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