Open Question: Is a reverse mortgage a good idea in this situation?

[Administrator]

My dad is 62, got laid off 8 months ago, and is now on a fixed income (received early SSS benefits, about $770/mo). He also just had a stroke, suffers from gout, rheumatism and arthritis. He doesn't have medical insurance and is unable to get medicaid since he's only 62. My mom is 57, currently works part-time as a cashier and takes care of my dad.They have refinanced their home twice already. Both times really to pay off their huge credit card debt (my father was a gambling addict). As a result, their monthly mortgage payments are huge (almost $3k/mo --the house was appraised for $420K, which I personally think was overvalued). My mom had to rent out the basement just to help with the mortgage payment. Anyway, it's obviously not enough, and they tried to sell the house, but the market is currently down and I personally think that the house is too expensive and so no ones going to buy it. Anyway, I was wondering if they would qualify for a reverse mortgage? I do think there's little equity since the outstanding balance due is $365K. Also, both my parents' name are in the deed and my mom is younger than 62. Is it possible to take her name off the title? Or is it a bad idea? Since I'm sure my mom will outlive my dad. I wish I can help out, but I myself have student loans and I live in a tiny apartment with my bf and his kids. I dont care about inheritance etc, all I care is for my parents not losing their home and having a place to live, so a reverse mortgage sounds like a good idea. Any advice? Thanks so much.PS: Sorry for my poor english and my little knowledge of Finance (I didn't even know what an equity was until I looked it up!

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