A reverse mortgage is a relatively complex financial product. It requires careful consideration by the homeowner before undertaking to get involved in a reverse mortgage. Here are some of the situations where a reverse mortgage may be applicable for homeowners:
- The homeowners are running out of money and may want to stay in their home until they die.
- If the homeowners are in a position to sell their home, and then can purchase a smaller less expensive home, this will generally be a better route to take then obtaining a reverse mortgage.
- The homeowner must be capable and healthy enough to live in their home and maintain it for a reverse mortgage to be an acceptable alternative.
- The reverse mortgage is not a good idea if the homeowner wants their children or heirs to inherit their home.
- The reverse mortgage may be a good idea if the reverse mortgage creates a source of income for the homeowners which gives the homeowner sufficient income to live in their home and maintain the home.
Before homeowners get involved with a reverse mortgage, it is recommended they consult with an attorney that is knowledgeable regarding reverse mortgages.
The law firm of Schlissel DeCorpo LLP has been helping families deal with mortgage and foreclosure problems for more than 30 years. We can be reached at 718-350-2802, 516-561-6645 or 631-319-8262 or by e-mail at info@sdnylaw.com.
