Why we have a bad taste in regard to reverse mortgages: Join us for a FREE seminar on Reverse Mortgages, 3/23
Back in the day, reverse mortgages came with a ‘warning’ sign. Why? One reason was due to media coverage reporting how some adult children were surprised that they would not inherit the family house because their parents obtained a reverse mortgage. Such media reports were typically based on misunderstandings on the part of disappointed children.
In addition, according to Forbes Magazine, with a minimum age of 62 to qualify, some younger spouses were taken off the home title to allow a reverse mortgage to proceed and then surprised when the borrower died, and the non-borrowing spouse faced either repaying the loan balance or leaving the home.
That was then but it is different now. Any debt owed on the reverse mortgage will not be the responsibility of the heirs. In fact, the loan is not paid off until the person on title, which is never the reverse mortgage company, moves out of the home, dies, or sells, which is great news for those who inherit from someone with a reverse mortgage.
Changes made in relation to eligible non-borrowing spouses mean that they may continue to live in the home if the borrower passes first, which is great news, however, they are not able to receive money from the loan after the borrower dies. That means no more credit draws or monthly payments and the surviving spouse might lose an important source of income.
FREE Seminar: Myths, Truths & Good News about Reverse Mortgages, 3/23, 10am
These are only a couple nuggets of good news. To understand reverse mortgages and even more of the financial benefits they offer (including from an investment perspective), please join us March 23, at 10:00am when Steve Landis of Fairway Mortgage will be presenting valuable insights at Nordia House, 8800 SW Oleson Rd (see ad below).
Mature Moves Made Easy
We are excited to announce the 2023 launch of our Mature Moves Made Easy services that are a beautiful addition to our Mature Moves Real Estate services. We help clients downsize, pack, coordinate their move, unpack and re-settle as desired. A client may use one, some or all of those services. If moving to a senior community such as independent or assisted living or moving within the same community or downsizing to a condo, we are here to help.
Please feel free to contact Mature Moves Real Estate Team / Mature Moves Made Easy at 971-227-1302 or Kimberly@mmret.com. Generations in a home is a treasure, downsizing is a gift!