Wednesday, March 30, 2016

ON REVERSE MORTGAGES AND YOUR HEIRS




A recent article from CNBC (http://www.cnbc.com/2016/03/18/is-a-reverse-mortgage-right-for-you.html) notes:

"But before you rush to take out a reverse mortgage and savor your good fortune, make sure you understand the downsides and potential risks.....As a result, when the owner moves permanently or dies, the equity in the home will have been reduced or even used up. If your heirs are not aware that you are taking out a reverse mortgage and are banking on inheriting the property, it can be a nasty surprise."

And here's the story of one such "nasty surprise":

http://kstp.com/news/forest-lake-family-works-to-reclaim-home-reverse-mortgage/4087762/

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