What Does Reverse Mortgage Mean In Estate Planning?
A mortgage loan placed on unsecured property. These are marketed to older individuals as allowing them to get cash for the equity in their home with no monthly mortgage payments. These are sold to sound wonderful but there are very few circumstances in which I would say this is the right option for a client. Treat carefully here and consult a professional not selling you something (attorney, accountant, financial advisor) prior to entering into one of these.
Example Of Reverse Mortgage In Regards To Estate Planning
My dad thought that putting a reverse mortgage on his house was a great idea to help him in his old age, but now that he’s passed we are having a lot of issues and owe a lot of money on a house that had previously been paid off.