The reverse mortgage loan is something that should be discussed within families before it is applied for by a senior interested in using this income. There are a few different reasons that seniors should talk about the reverse home mortgage with their adult children. One reason is that the terms of the loan make it such that the adult child may not be able to receive the home in the future as inheritance after the senior passes away. Another reason is because there are predatory lenders out there who take advantage of seniors seeking reverse mortgage loans and this problem may be prevented if adult children are involved in the transaction.
Unfortunately, it appears that most seniors do not feel comfortable talking about finances with their adult children. A new survey shows that fifty percent of seniors have never had an in-depth discussion about their finances with their adult children. Less than thirteen percent of seniors have actually worked with adult children to create a financial plan suitable for the senior as he or she ages. This is a barrier that needs to be crossed if seniors are going to be able to openly discuss the important topic of the reverse home mortgage with their adult children.
Question of the Day: How do seniors approach the task of discussing finances and the reverse home mortgage with their adult children?
