Mr. and Mrs. Cook have 2 adult children.
One lives only a couple of mile away, the 2nd child lives out of state and has 2 children of her own. They would like to be able to see their grandchildren more often, but their daughters family does not have a spare room, or a comfortable place to stay.
They decide to take out a reverse mortgage on their home, and use the proceeds to pay cash for a smaller 2nd home near their grandchildren. Now they have 2 homes with no mortgage payments. The smaller 2nd home can be used for any purpose they wish. All family member visits, or even a short term rental if they wanted to make extra money while it is not being used.
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