It is estimated that senior property owners are sitting on more equity than at any time in history – over $6 trillion. This has led to more seniors into considering a reverse mortgage.
If you’re thinking about getting a reverse mortgage, we strongly advise talking with your adult kids about your reasons. Here are some tips that can help guide this conversation:
Finally, it helps to let them know how the reverse mortgage may benefit them. For example, reverse mortgages may be used to cover some in-home medical care costs. These costs may have otherwise been funded by your adult kids.
Your family is going to be looking out for your well being, and taking out any type of loan – even one as safe as a reverse mortgage – can make them worried. So let your family know that you’ve thought about this decision extensively, and be willing to patiently discuss your reasons.
If you have further questions reverse mortgages, contact one of Open Mortgage’s friendly loan officers.
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