whats your thoughts on reverse mortgage for senior citizens?
My dad thinks he might want one are they really a good idea?
My in-laws have recently acquired a reverse mortgage and it is providing them with extra income every month. You can either draw out the whole equity at one time or take it in monthly payments.
Be sure to read all the fine print regarding who ever your father deals with.
An as to “them getting the house” well that is not true.
Here is how it works regarding any heirs:
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by a reverse mortgage loan. This debt will never be passed along to the estate or heirs.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
Facing the Mortgage Crisis | KETC | Reverse Mortgages
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