How could reverse mortgage work in practice?
Discussion
They did one here before, I think in the 1950s. They value the houses (they just did this for all homes, 2 years ago), and then they put a 20% state mortgage on everyone's house and you repay the state over 10 years or so. The state confiscates your equity and you buy it back.
That'd be outrageous. 🤔 what you describe is totally different from how wikipedia defines the concept.
https://en.m.wikipedia.org/wiki/Reverse_mortgage
> Reverse mortgages allow older people to immediately access the home equity they have built up in their homes, and defer payment of the loan ...
Where can I read about this being discussed like you wrote?