If your elderly parents find that they are struggling with financial problems then they might seek to get a reverse mortgage loan. In doing so, they are most likely going to go to their local bank or mortgage lender to get information about the loan. But what if you actually have the money to give to them? It may be possible to set up a private reverse mortgage loan for your parents.
There is a new service that sets up intrafamily loans so that the details of the loan are made official. One of the types of loans that this service offers to families is the reverse mortgage loan. Families can set up this type of loan for their parents to use without requiring them to go through the actual bank process.
It seems like this would eliminate one of the major problems which accompanies the reverse home mortgage loan which is that the home loan must be repaid at the time of the borrower's death (or leave from the house) and that this often means that adult children don't inherit the homes that they once thought they would.
Question of the Day: How does a private reverse mortgage loan from a family member differ from a traditional reverse home mortgage from a bank?
