This house has so many memories. But the reality is that there are a number of expensive repairs. So the problem is how to fiance this. You sell your house when you do a reverse mortgage. Then the reverse mortgage thing is really to your disadvantage financially. The company doing this gets all the financial advantages. It means you give away your house. Then future generations have to replace this money, with interest. Why should they buy what they already own?
Your only option is to do these repairs yourself. An old house has so many problems and these do not stop. Every house must be maintained and this one is no exception. You do them now or you eventually have to tear the whole thing down.
I had to sell my parents' property, and they were torn down, because of such problems with maintenance. More money than I ever expected to have would have been required. So I knew very early on that I would never be able to afford these repairs. I could do my own house, but not another house.
You know, I guess, that every house has a set lifespan. My house now has a lifespan of 55 years from the time it was built. Yours, like my parents', should be abut 100 years. So consider carefully what you decide. You may be looking at the end of this house's useful lifespan. It may not be what you want to think about, but should be considered too. How much money do any of you really have?
So I got some doors and woodwork from the old houses. Incredibly heavy real lumber, not the crap sold today. I'll make a new fireplace with this old woodwork, and a new headboard.