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Reverse Mortgages Disinherit Your Children?

~ The Rebel ~ 2012/06/28 16:48:44
A reverse
mortgage is a loan against equity in your home. You borrow against this equity.
You must continue to pay property taxes and fire insurance, but you live
rent-free in your home. The amount of the loan is determined by your life
expectancy.

The lender gets your home at the death of the surviving spouse.

The advantage of a reverse mortgage is obvious: you get money for living expenses. The disadvantage is that you leave nothing to your heirs.
+3

Read More: http://teapartyeconomist.com/2012/06/28/reverse-mo...

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Opinions

  • ☆ElenaDiamond☆ 2012/06/28 18:48:59
    ☆ElenaDiamond☆
    Yes it disinherits your heirs. However if your heirs are selfish and terrible and wont help take care of their parents then they deserve it.
    reply
  • ~ The R... ☆ElenaD... 2012/06/28 18:55:52
    ~ The Rebel ~
    +1
    It isn't always that the heirs are selfish and terrible. I have an aunt that lives way beyond her means... new caddy every year and only the highest priced name brand clothes for her. I think they advised her to do the reverse mortgage to protect themselves and I'm hoping it does.
    reply
  • ☆ElenaD... ~ The R... 2012/06/28 18:57:06
    ☆ElenaDiamond☆
    +1
    Thats different of course. What I mean is if you have done your best and taken care of your family your whole life and fall ill or something, then your family should help you. The reverse mortgage is a good option for those who have to fend for themselves.
    reply
  • Muskoka ~ The R... 2012/06/29 00:51:44
    Muskoka
    It is your anunt's money.

    Who are you to say where she spends it. It is also her house to do with as she pleases.
    reply
  • ~ The R... Muskoka 2012/06/29 02:15:07 (edited)
    ~ The Rebel ~
    What money? She didn't have the money and was in debt
    reply
  • Muskoka ~ The R... 2012/06/29 05:22:54
    Muskoka
    She obviously have money invested in a house in order to get a reverse mortgage. That is HER money to do with what ever she chooses to.
    reply
  • wicked soda boy 2012/06/28 18:21:30
    wicked soda boy
    +1
    I agree. I would be very disappointed if my mom opted for a reverse mortgage.
    reply
  • HarleyCharley 2012/06/28 17:23:39
    HarleyCharley
    your children need to make their own way....
    reply

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2013/05/20 15:16:14

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