I hear these are often scams, but it seems like a good situation for my parents as they secured a low interest rate and the house has doubled in value.
As far as I understand it, if my parents were to pass, my siblings and I could pay off the remaining mortgage and then sell it. The bank wouldn’t get the appreciation, family would.
Does anyone have direct experience with Reverse Mortgages? Or with their parents having one? Should I pay off the mortgage for them now?