Home » Money & Legal » Financial Matters » Questions » Will a reverse mortgage help mom get out of…
Print
Email
My mother has accumlated a huge debt. Does anyone done a reverse mortage as a possible solution?Connie
Carol Bradley Bursack, Nov 19, 2009
Over the span of two decades author, columnist and speaker Carol Bradley Bursack cared for a neighbor and six elderly family members. Because of this experience, Bradley Bursack created a portable support group, the book "Minding Our Elders: Caregivers Share Their Personal Stories."
Reverse mortgages can have their good points and work well for some people. For others it's not the right decision. I would check with a financial counselor on your mother's situation to see if this is a smart move. Much depends on her bank, how much equity she has in her home and her other debt.
Good luck with this,Carol
(1)
Report this Post
anonymous13319
Give a Hug
Nov 19, 2009
My cousin, who is in her early 70s, decided to use a reverse mortgage to supllement her income. I admit that I am always skeptical of "easy solutions." But for her situation, it seems to have worked.
I know that they come with fees and interest. You are dipping into your equity so, in essence, you are putting up your home against the "loan." When my cousin passes, the debt will have to be honored before her heirs can inherit anything.
I would personally worry if I outlived the amount of equity in my home...does the bank, then, evict you? Not sure.
I do not know much more about them. I would suggest trying other avenues, if possible, before signing any paperwork.
Helpful Answer (1)
Please stay on topic or ask a new question.
Have a question? Just need to vent? Find answers and support from the real experts - other caregivers!
What Do I Do if My Parent Refuses to Go to The Doctor? Comment 11 mins ago by soniafontanez
The Caregiver & Dysfunctional Families: How are you doing? Comment 17 mins ago by sharynmarie
Grossed Out? Need to Vent? Just caught Mom using my toothbrush to comb her hair! Comment 18 mins ago by cattails
are there other people who are no longer caregivers, but still come to the forum? Answered 1 hr ago by ladee
Why is dad telling everyone I lied about having cancer? He should be happy they got it in surgery! Answered 2 hrs ago by cattails
More From The Community »
Sign up for our newsletter and receive practical tips and support for caregivers
Like AgingCare.com on Facebook
To use this feature, you must be a member.
Just what a caregiver needs to make life a little easier. Join AgingCare.com for FREE!
Access the Caregiver Forum
Answers and support from caregivers and elder care experts.
Receive Helpful Caregiving Information
Articles on providing care, senior health, financial and legal matters, and more.
Create Your Personal Account
Customize your experience to see what is important to you and your unique caregiving situation.
Already a Member?
Login to your account
Screen name or email address:
Password: