According to the Government Accountability Office, 1/3rd of seniors age 55 and over do not have even a penny of retirement savings, and well over 50% have less than they need to live comfortably.
For the children of seniors that are limited in their retirement, there may come a time when you need to come up with some creative solutions for your parents in order to make sure they get a chance to live comfortably and be cared for the next many years. In some cases, that means you may want to recommend a reverse mortgage.
Recommending a Reverse Mortgage to Your Parents
You always have your parent’s best interests in mind, and that sometimes means making some recommendations to them to help with their financial future. A reverse mortgage could allow your parents to let their home pay them back.
With a reverse mortgage, your parents can continue to live in their home throughout their retirement and receive a cash lump sum, monthly payments, or line of credit.
As the children of a senior parent, there are times when it may be worth recommending a reverse mortgage. This can be a tough conversation, but there are situations when a reverse mortgage can be a good option for your parent’s future, including:
For more information about reverse mortgages, please contact me today!
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