Very OT:Reverse mortgage line of credit?

Question

Ain't having aging parents fun?I'll spare you all the details -- let's just say between my father and myFIL, I have NO need to watch soap operas! My current assignment is to find asource of money for my Dad, who is in his mid-70's, has not done the bestfinancial planning, and is digging in his heels at most sensible options.:-(Anyone here have experience with a reverse mortgage line of credit (aka aHECM line of credit)? Pros? Cons? If any of you have suggested this to agingparent(s), what objections did they come up with?Thanks!!!!

Sherry Starr · Accepted Answer

I have not had any personal experience with it, but I have read in lots offinancial magazines that it really isn't the thing to do.  It sounds good atfirst, but in the end it isn't a good deal.  There can be lots of problems,especially when it comes time to settle an estate.Sherry Starr

Kathy Applebaum · Answer

Do you remember any particulars? What kind of problems, other than having tosell the house to pay the reverse mortgage?Thanks!

SandySmth · Answer

Kathy,Here is just one source (AARP) of information about reverse mortgages. Otherarticles can be found through Google.in Chapel Hill, NC"Kathy Applebaum"     snipped-for-privacy@KayneyNOSPAMQuilt

Kathy Applebaum · Answer

Thanks! I already printed it out first thing this morning. I know the value of being well armed when talking to my Dad. *big grin*

So far everything is pointing to this is the way he should go -- Tuesday we'll find out if he sees it the same way. No need for a paternity test; I know *exactly* where MY stubborn streak comes from! LOL :)

Pat in Virginia · Answer

Yes, just a Barrel of Fun!! Don't know about that reversemortgage business. My suggestion is to find an attorney or lawfirm specializing in "Elder Law." In the USA, this is a fairlynew specialty but with we boomers soon to go into Social Securityyears, I think it will become more wide spread. How to find thisattorney? Try the California Bar Association and/or AARP. HTH. PAT in VA/USAKathy Applebaum wrote:

Very OT:Reverse mortgage line of credit?

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