Reverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs. Heirs who don’t know their rights may be faced with large bills or threats of losing the house. Fortunately,…
The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount…
A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. But the homeowner is required to pay property taxes and homeowners insurance premiums on the property. Your assets can be protected to afford options like reverse mortgage when a proper estate plan is created to manage and allow smooth transition into long term care scenarios. Strohschein Law Group is here to help you protect what matters.
Reverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs. Heirs who don’t know their rights may be faced with large bills or threats of losing the house. Fortunately, there are some protections for heirs.
The new rules are an effort to strengthen the federal Home Equity Conversion Mortgage (HECM) program, which insures almost all reverse mortgages and which has seen default rates rise.
We frequently have clients whose health is deteriorating and whose finances are becoming strained, but who have strong feelings regarding staying in their homes. Perhaps they do need round-the-clock nursing care brought into their home, or they may fear becoming isolated if they leave their neighborhoods, churches or friends to move into a facility.