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Information for Family Members

A parent or loved one may be considering a reverse mortgage for the following reasons:

  • House rich, but cash poor.
  • Has other assets available but wants to postpone or eliminate liquidating to avoid or limit market losses or taxation.
  • Is not concerned with passing the equity in their primary residence to their heirs.
  • Is comfortable leveraging their residence in exchange for cash flow or access to cash in the form of a line of credit.
  • A reverse mortgage can be obtained during a pending conservatorship proceeding (requires court approval under most circumstances, with specific language in the order – contact us for more information).

Some advantages of a reverse mortgage to consider:

  • Turns a non-performing occupied asset into liquid monthly payments, lump sum payment, or line of credit accessible at any time for life.
  • Eliminate existing mortgage payments, or purchase a new residence with no mortgage payments.
  • Source of income to rely upon during which time other investments can recover from market losses.
  • Proceeds are not “income” for Social Security or Medicare qualification purposes.
  • Converts equity into cash available to pay for in-home care to live out life in the comfort of home.