Posted by paul on January 19, 2015 at 09:38:55 from (70.197.206.127):
In Reply to: Reverse Mortgage posted by Keith Molden on January 19, 2015 at 08:38:07:
What you do with a reverse mortgage is, you are selling the house to them. In turn, they pay you monthly for as long as you are able to live in the house, and they can't kick you out.
But you have sold your house once you start, so it is no longer yours. You have a right to live there as long as you can.
I'm sure it can be written up how you want, that both hubby and wife have the right to live there. But that would give you lower payments, as the odds are it will take longer for them to get the house. They can be written up all different ways; sometimes your heirs could even get back to owning the house maybe..... But that is not the normal way they do things.
In general a reverse mortgage is useful for some few people; but most of us should run as far away from them as possible.
If you are in good shape and don't need now, then don't do a reverse mortgage. Sit down with a good cpa/lawyer/planner that deals in this stuff, and work out a plan.
You would be better off with trusts named to your spouse or children or grandchildren in most cases, if you are in good enough shape right now. They are tricky to set up bulletproof, but well worth the effort to work with an estate planning person who is charging you a fee; not trying to buy your house out from under you cheaply...... The cost of the estate attorney is far cheaper than the 'free' advice from the company trying to buy your house.......
Remember, these reverse mortgage companies are looking to buy real estate cheaply, and that is actually what they are doing, they are buying your house. Be careful of smooth talking..........
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