Nicole (Caller)

That's a story in itself.

But anyway...

Our father, my husband's father, has a reverse mortgage.

And we would like to pay it off.

The interest rate seems to be quite exorbitant.

Yeah.

Yes.

And in another six or seven years, the interest will have eaten up the complete value of the home.

I just want to know from your perspective...

We were considering taking out the money.

There's 160 owed on the house.

We were considering withdrawing it.

My husband is 59 and a half.

We were considering withdrawing it and making it like an investment since real estate does appreciate.

I realized that it would, his father is 89 and so this could be tied up for 10 plus years, but longterm investments usually are just that longterm.

So I just, from your perspective, would really value your opinion in what do you think of this?

What pitfalls do you see?

He does.

Our thought was at the end that if we took out what we spent on the house plus the same gain that we had made on our 401k and let that be ours because you can't take the money out and not make something on it.

The house is worth about $330,000.