…….You have not provided me with nearly enough information with which I need to give you a proper answer. So I took the liberty of running your question by Cyndi Stephenson, who manages the reverse mortgage division at HomeFirst Mortgage Corp., a mortgage brokerage firm in Alexandria, Va.
Stephenson says that if you and she were sitting down together, one-on-one, she would ask you these questions:
Do you have any liens on the property at this time?
How much longer would you plan to stay in this home if you do a reverse mortgage?
Which one of you is 71?
What is the ZIP code for the property?
Is it a single family residence, condominium or a townhouse?
What are your priorities, both long- and short-term?
Do you plan to leave something to your heirs? To charity?
The reverse mortgage specialist also would ask a question she says keeps her awake at night and that is: Do you have long-term-care insurance?
"I do not worry at all about those who plan to live in the home until they pass away, that is exactly what this product is designed to support," she explains. "What I worry about are those who take out a reverse mortgage, live in their home for maybe three years, then have a stroke or suffer some other disabling illness or injury and need to get moved immediately into an assisted living facility. Especially if they are single."……
What to ask when considering a reverse mortgage - MarketWatch
1 comment:
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
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