Here are four key signs that you’ve found the rightreverse mortgage lenderfor your situation, according to Steven Parangi, an attorney and owner ofAlpine Mortgage, a mortgage lender. He made clear that “a reverse mortgage isn’t a product you choose on a whim; it’s a big financial de...
If you have two or more houses, only the primary residence is eligible for reverse mortgages; a vacation home or a mobile home do not qualify either. Furthermore, those who are 62 and above are the only ones qualified to apply for a reverse mortgage. Reduction of the Heirs Inheritance You...
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Inheritance:With a reverse mortgage, repayment is due when the owner dies or moves away from the home. In most cases, when you have a reverse mortgage, your estate will be worth less. However, your heirs have rights to any remaining equity in the home and can choose the best alternative...
One Big Bug-A-Boo… One of the big “bug-a-boo’s” about a Reverse Mortgage is the, “spending our children’s inheritance” narrative. This article is consistent with my conversations with a number of parents and their adult children ...
If you have been planning to leave your home to heirs, a reverse mortgage may not be the right option. “In many cases, the borrower’s heirs to the estate are against the reverse mortgage because they see the potential inheritance being depleted due to the accrued interest,” says Guy Ba...
I reluctantly include this item on the list. Many experts don’t consider inheritance a reason NOT to get a reverse mortgage. This is because homeowners who obtain a growing HECM line-of-credit early in retirement are better equipped to decide how future expenses are paid – by the homeowner...
Having less funds available when the loan is due and payable or less of an inheritance is a negative of the reverse mortgage. But using the funds and creating the memories by spending time together or giving the gifts and seeing the difference it makes while one is still alive can be a ...
Talk with the beneficiaries of your will when thinking about a reverse mortgage. The amount of their inheritance is reduced by the amount owed to the bank for the mortgage payments, as well as the amount deducted from the home. They may be able to provide other financial arrangements that ha...