FAQ Friday: Reverse Mortgage

Friday, August 8th Attorney, Paula Mattson-Sarli talks about reverse mortgages.

There are very stringent rules and many believe it is not worth it. There can be a lot of negatives and it is certainly case-specific.

However, today, we are just focusing on the positives. You want to speak to a reputable specialist on reverse mortgages who has been in the industry for awhile.

You need to have equity in the home to be able to tap into this, you also have to go through an education process. Sometimes this can be a loved one acting on behalf of their parent.

Sometimes you can purchase a new property with a reverse mortgage. Elder law and long term planning is important to take into consideration because those notes will be called once that person passes.

This can be a great tool to help with costs of care for aging parents, but also very important to educate that this is not a windfall, but is tied to your home.

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