Help mom keep her house

[David Tower]

Hello BP,

I was hoping you pros out there might be able to give me a strategy that would help my mom stay in her house.

She owns the house free and clear but the house is very big, the RE taxes are high, the upkeep is high (inground pool) and the value of the house (approx 500k) is the bulk of her net worth. She is also living alone and is 60 years old.

She does not want to sell, but she doesn't really have enough cash to live on for the rest of her life without selling. Her plan is to sell the house and buy a condo which won't have the upkeep or all the yardwork.

Should she look in to a reverse mortgage? Are there any other cost effective options she might have to use the equity in the house to support her living there?

Thanks in advance,

-DT