The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Reverse Mortgage Date:  11/10/2015  11:55 AM
Author:  YewGuise Number:  310093 of 313032's two sons will help him out.

Thanks, I missed that. In that case:

- Brother's issues and assets are off the table.

- Regarding the mother, my financial advisor's recommendation regarding reverse mortgages is "run screaming." At a recent seminar, she ran through several scenarios commonly used for reverse mortgages, and in every case the homeowner would be better off selling the house and moving to less expensive housing.

At the very least, OP should consult an eldercare attorney or geriatric social worker. If/when the mother moves to a nursing home, the Medicaid situation can be complicated if equity was surrendered to a reverse mortgage company.
Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us