Are You Thinking About a Reverse Mortgage?

Are You Thinking About a Reverse Mortgage?

A reverse mortgage allows a homeowner to tap into their equity to supplement their income for whatever reason that the homeowner desires. I have mixed emotions on this issue. While I am not an expert on those mortgages, I do know enough to say that I am not extremely comfortable with them. My first concern is that there is no one-size fits all situations that each family falls in to. Accordingly, before this type of mortgage is entered in to, I would suggest a heart to heart discussion with your spouse and any descendents which may be affected by this decision.

reverse mortgageSecond, while similar, many reverse mortgages have different eligibility requirements and repayment options. Buyer beware! Do your homework on as many plans as you can as opposed to selecting the guy on television who is telling you to call for free information.

Third, you will want to understand how you are to receive your payment(s). Options include: all at once, monthly or quarterly. This may seem like a small detail; however, many elderly people who take out reverse mortgages will not be handling their own financial affairs; and that’s why it becomes important

Lastly, your heirs will need to know exactly what will happen when you die and who has to take what steps to make sure things happen according to the plan.

As I said, I have mixed emotions. As with any big decision, be sure to consult with trusted professionals before making a decision to be sure to do what is right for you and your family.

DELLUTRI LAW GROUP
CARMEN DELLUTRI, ESQ.
KMarshall@DellutriLawGroup.com
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Phone: 239.939.0900
Fax: 239.939.0588
1436 Royal Palm Square Boulevard
Fort Myers, Florida 33919

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Posted on December 18, 2013, in Legal and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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