Anyone out there familiar with mortgages, annuities and/or HELOCs?

Here's a long story that I'll make very short:

My mom is looking to buy a house in NC. She sold her house in NY, and would like to pay cash. She's in her mid-60s and is of the mentality that you "don't mess with the roof over your head" when it comes to paying for your house.

A good friend of mine is a financial advisor, and came over to talk to her about her options as far as financing her house. He ran some numbers for her, and found that if she took all the money that she's planning to pay for her new house and put it into a SECURE annuity, the dividends from that annuity could actually pay the mortgage FOR her.

Now let me say as a side note--I was very skeptical about this--my sister had all of her retirement money in a Gibelli fund that tanked last year--she lost over 2 million dollars. So I understand my mom's reluctance to want to hand over HER money and depend on that annuity to pay her mortgage.

We keep saying, "What happens if you get sick? What happens if you ever (god forbid) need to go to a nursing home?" and her answer is always, "I'll take out an equity loan".

What she doesn't seem to understand, because HER way is ALWAYS the right way, is that it's near impossible to get a HELOC these days.

If anyone out there is familiar with this stuff, can you give your advice on what YOU would suggest? She wouldn't listen to a financial advisor, but I'm hoping that if she hears the same thing from enough people, it might make her realize that things are NOT the same now as they were 30 years ago when she bought her first house.

Thanks

Re: Anyone out there familiar with mortgages, annuities and/or HELOCs?

dont know much about this stuff.

But my parents recently got a HELOC in a matter of 2-3 weeks

Re: Anyone out there familiar with mortgages, annuities and/or HELOCs?

People who can't get HELOC are people who have no equity

If she buys the house cash...she have equity and she could refi or do a reverse mortgage with out much trouble

I think she should do what she feels comfortable with

Re: Anyone out there familiar with mortgages, annuities and/or HELOCs?