My elderly friend is in need of help with his reverse mortgage.

First, he borrowed 50K 13 years ago and did not have to make a payment during that time so interest compounded to the point where his balance is 175K. This really isn't such a bad thing. Second, the current and only Reverse Mortgage is the FHA Home Equity Conversion Mortgage and this may be his solution if he wants to stay in the property. The "home value limit" is 625,500 until September 30 (most likely this will expire. If he wants to stay in his home he can do a new Reverse Mortgage, pay off the 175K, address his financial needs and establish a line of credit that will grow at a compound rate similar to how his 50K become 175K only in esrever...This could be a better solution. I'm not CO. licensed but happy to give guidance. If he wants to sell, then he can pay the 175K owed, keep the proceeds and buy a new house using the Reverse Mortgage, thus preserving some much needed capital.

I suggest your friend talks with C&L about another lump payment or monthly income from a refinance. Your friend has plenty of equity to get another reverse mortgage. .... Happy funding, Rudi