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 Here you will find information and tips that may help your parents live well in retirement and balance their needs and desires with your own.
Seniors and independent living
More and more research shows that living independently in their own homes is of paramount importance to senior Americans.
But you and your parents may have different ideas about what this means. For your own peace of mind and your parents’ well-being, it’s important to plan for the future by talking about the help they’ll need–or want–in order to comfortably remain in their homes.
What you and your family should know
A reverse mortgage may be the ideal way for your parents to benefit from the wise investment they made in their home.
In fact, it’s a decision that could benefit your entire family. If you are the son or daughter of a senior 62+ years of age who owns his/her home, take the time to understand these facts about reverse mortgages:
Get money without moving.
Borrowers will never, under any circumstances due to the reverse mortgage, be forced to leave their homes provided they retain ownership, make property tax and insurance payments and pay obligations that may become a priority lien against their home.
Maintain financial independence.
A reverse mortgage lets seniors 62+ years of age tap into money they’ve earned in the form of home equity, and avoid having to depend on relatives for financial assistance. They’ve taken care of their home all these years, now they can let their home take care of them.
Keep the title to the house.
This loan creates a lien against their property that’s paid off when they no longer occupy the home. Your parents retain title to the property for as long as they choose.
Feel secure with a U.S. Government Guarantee.
Senior Americans have confidently taken advantage of all the benefits of reverse mortgages that are government-guaranteed loans. There are also many safeguards in place to protect seniors from unethical lending practices.
Choose repayment options.
If your last-remaining parent passes away while living in the home, you, as the heir(s), simply pay off the reverse mortgage principal balance plus accrued interest.
If you–or a sibling or other relative–want to keep the home in the family, you can take out a new traditional mortgage or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to your parents’ last wishes.
10 Things To Make The Conversation More Effective
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