My wife (67) and I (72) are retired with an income of $70k/year and a savings of $30k. We have a loan of $300k with a mortgage payment of $1,786/month on a single family home valued at $600k. We spend all of our income so we are looking to convert our equity into cash to improve our quality of life.
One of the choices is to downsize. The other is a reverse mortgage.
Can anyone tell me what range of monthly income we would qualify for and how long that would last?
I understand that we are responsible for taxes and insurance and have to maintain the home as our principal residence.