A reader of the LA Times asked the question whether he and his wife should buy their in-laws home or suggest they obtain a reverse mortgage. As the reader indicates, his in-laws have gone through their retirement fund and soon won't be able to pay their mortgage. They still have a substantial amount of equity in their home, but they would rather stay in their home than sell. If the children take over the mortgage and property, they run the risk of over-extending themselves financially and possibly seeing themselves face similar financial difficulties. A reverse mortgage may be the best solution in this case since the in-laws want to remain living in their homes. Though the reverse mortgage will not completely eliminate all their home costs, such as property taxes, homeowner's insurance and maintenance, it will eliminate the large mortgage payment each month which will help free up much needed cash. In addition, they may also qualify to receive cash-out proceeds which can help secure their retirement.
Contact ReverseMortgageBenefit.com to determine if your specific situation would be best suited for a reverse mortgage.
Contact ReverseMortgageBenefit.com to determine if your specific situation would be best suited for a reverse mortgage.
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