Reverse mortages are OK for some but not all
With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision.
San Rafael, CA (PRWEB) August 3, 2006 -- Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can't cover all the costs. Is suggesting that your parents take out a reverse mortage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortages are not the best choice for everyone.
In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.
Available throughout August on the Parent Care website, the article explains that types of reverse mortages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortage.
Morrison, a Certified Financial Planner, is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, to the Wall Street Journal and America Online.
Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”
About Parent Care, Inc.
Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.
Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.
Full title of the home is retained without any risk of losing the home to the lender. And no matter what happens to the housing market, seniors can never owe more than the value of their home when it is sold.
When the last-remaining parent passes away while living in the home, the heirs simply pay off the reverse mortgage principal plus accrued interest. If heirs want to keep the home in the family, a new traditional mortgage can be arranged.
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 the seniors' last wishes.
For more information on a California reverse mortgage loan please call 866 398 4664 or go to:
FreeFinancialConsulting.com offers free, no obligation, advice in all areas of personal finance including insurance and home loans. In addition to California reverse mortgage information, advice on other mortgage products such as refinance and debt consolidation is available.
company: Camelot Marketing
contact person: Keith Hunt
e-mail: camelot21@mindspring.com
phone: 9099871233
site: http://www.freefinancialconsulting.com
posted at 6:49 PM
San Rafael, CA (PRWEB) August 3, 2006 -- Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can't cover all the costs. Is suggesting that your parents take out a reverse mortage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortages are not the best choice for everyone.
In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.
Available throughout August on the Parent Care website, the article explains that types of reverse mortages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortage.
Morrison, a Certified Financial Planner, is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, to the Wall Street Journal and America Online.
Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”
About Parent Care, Inc.
Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.
Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.
Full title of the home is retained without any risk of losing the home to the lender. And no matter what happens to the housing market, seniors can never owe more than the value of their home when it is sold.
When the last-remaining parent passes away while living in the home, the heirs simply pay off the reverse mortgage principal plus accrued interest. If heirs want to keep the home in the family, a new traditional mortgage can be arranged.
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 the seniors' last wishes.
For more information on a California reverse mortgage loan please call 866 398 4664 or go to:
FreeFinancialConsulting.com offers free, no obligation, advice in all areas of personal finance including insurance and home loans. In addition to California reverse mortgage information, advice on other mortgage products such as refinance and debt consolidation is available.
company: Camelot Marketing
contact person: Keith Hunt
e-mail: camelot21@mindspring.com
phone: 9099871233
site: http://www.freefinancialconsulting.com
posted at 6:49 PM
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