We strongly recommend to Eric & Kim choose to go for reverse mortgage option instead of

downsizing house. If they continue to make their mortgage payments for maintenance, insurance,

and property taxes, homeowners who use a reverse mortgage can maintain their homes and retain

the title to them. The pair will also get the loan proceeds in cash that is tax-free, providing them

freedom to spend their money anyway they see fit. Furthermore, the pair won't have to worry

about any mortgage repayments until they decide to move or sell their house. Furthermore, since

a reverse mortgage is a non-recourse loan, neither Eric and Kim nor their son, Danny, are liable

for any portion of the mortgage that exceeds the value of the house if the couple continues to

make their mortgage payment of real estate taxes and insurance. They may have the option to

advance the money gradually or receive it all at once with a reverse mortgage. The amount to be

obtained will be decreased to reflect additional setup charges, which may accrue over time and

include home appraisal fees, application fees, closing costs, etc. A reverse mortgage appears to

be more advantageous than downsizing based on the computed net inflows from both strategies.

Its net cash inflow of C$1,190,000.00 is larger than the net cash inflow of downsizing, which is

C$817,775.00. Although they can keep their house by making this decision, it should be kept in

mind that they will eventually need to pay back the loan plus interest. Eric and Kim will be able

to help their son Danny pay off his financial obligation of $250,000 and avert the foreclosure of

his home in the coming month with the help of the net cash inflow reverse mortgage value of C$

1,190,000.00.

 how to give recommendation for above details for reverse mortgage???

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