Reverse Mortagages Not for Everyone

With costs rising, children of the elderly want to help theirparents remain at home. Expert says look carefully before making thislifetime decision, as reported by Debra Morrison from Parent Care.

Your folks’ home needs repair, health care costs areup, energy costs are soaring and your budget can’t cover all the costs.Is suggesting that your parents take out a reverse mortgage (a way toreceive the equity from a home without making any more payments) a goodidea? An expert urges families in this situation to explore allalternatives before deciding because reverse mortgages are not the bestchoice for everyone.

In her featured article published on Parent Care,financial expert Debra Morrison provides insights on this increasinglyhigh profile topic. She shares that trying to predict whether parentswill be able to stay in their homes long-term might be the mostanxiety-producing variable of all because health changes could playhavoc with a seemingly well-considered decision. Only after fullyunderstanding the tradeoffs of their parents’ unique situation should arecommendation be made.

Available throughout August on the Parent Care website, the articleexplains that types of reverse mortgages available, their potentialbenefits and limits. It also provides thoughtful insights about who,and who should not, consider them. If there is a significant differencein your parents’ ages, if assisted living or moving your folks in withyou might be future considerations, Morrison urges you to rethink thewisdom of taking a reverse mortgage.

Morrison, a Certified Financial Planner, is responsible for clientrelationships for Capital Financial Advisors, a leading advice-onlyfiduciary serving an international client base. She has providedcommentary in diverse media from CNN, the Wall Street Journal andAmerica Online.

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