Reverse Mortgages

Yesterday a client asked for my thoughts on a Reverse Mortgage.  I immediately phoned a colleague who was knowledgeable in Reverse Mortgages, and we have an appointment for next week.  My client has a fairly common dilemma facing many elderly couples.  Her husband is ill and presently in a nursing home.  Her income is barely covering her basic living expenses monthly.  Her husband's income is partially paid to the nursing home monthly, and the wife is receiving a portion of her husband's income.  Unfortunately the portion that is assigned to the nursing home each month was used for household expenses prior to the husband entering the nursing home.  My client was crying yesterday, at her wits end, trying to make ends meet monthly on her meager living expenses.  She can't even afford to go to a movie or out to dinner.  My client does own a home with an appraised value of $300,000.  My thoughts are that she should take out a reverse mortgage for half the value, $150,000.  A reverse mortgage does not have a monthly bill, merely the interest is paid.  My client will receive a certain amount of money monthly, based on her age and life expectancy.  I will update you on the status of this case next week after we sit with the mortgage broker.