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I see EVO X has given you some good information about the usual age requirements and about reverse mtgs in general.

That age limit (62) possibility is worrisome. Pliny, you would have to have a GOOD lawyer look this thing over. If they are offering you the mortgage based only on your wife, you would have to steer clear of it, right?

These kinds of things are tricky anyway and in tough times like this the sharks are in the water. Proceed carefully. Try to work with your bank or another, perhaps smaller and more community-focused, bank. There is always the chance that your present lender (God forbid it’s one of the megabanks) will be willing to consider a work-out deal, where you pay them interest for a year or two or maybe a little principle and interest, etc.

You will have a hard time pulling more equity out of the house. You might do best to sell it for $200G and move to a nice part of the country (say Bozeman, Montana, or somewhere in Arizona) where condos and inexpensive homes are way overbuilt and on the chopping block.

All those decisions would be difficult and risky. But first and foremost you don’t want to give your house away to a shady operator.

Try to find a good conservative banker, or successful businessman you might know, or even a lawyer you trust a great deal. Maybe some of these guys on the board will help in that regard too.

Keep looking, keep asking. You can work your way out of this one I think.

Good luck.