should i get a reverse mortgage for my parents?

Whether a reverse makes sense for your parents depends on the details of their situation. For some people it is a great tool and for others it does not make sense. I would be happy to discuss this with you if you wish. Email me at robert.hanson@vantagepointbank.comor on my direct line at 240-752-7549.

Dan -- There are a couple things required to do a reverse mortgage. First of all both your parents would have to be over 63. Next they would haveto have some reasonable amount of equity in their home. Then they will need to contact a federally approved reverse mortgage counselor. After that,they need to talk with a local, licensed reverse mortgage officer.The amount available, and the manner in which they draw out the funds will be dependent on their age/equity and which reverse mortgage funds avail-ability program they decide to go with. You can help them through the process, but they will have to do the counseling session and sign all the documents.Be aware that if they are in their early 70's - they will probably only be able to get about 72% of the value of the property available to draw on, so if they have any mortgage, that will have to be cleared first from those funds before they draw out any other funds. There is usually about a 10% (give or take) setof fees that will have to be paid as well from the loan proceeds, so be sure to factor that in as well, in your initial considerations. Also, they will needto keep the property taxes and insurance paid up.I know it can work out well for those for whom it is the right move -- as I have seen with my mother-in-law's case.

I am a full-time reverse mortgage specialist, and would be happy to discuss the various program options available. A reverse mortgage can be a good financial tool for your parents, as long as everyone knows both the advantages and disadvantages to your parents, and to you, and to your siblings, if any.Dave Metsker, 503-620-2239, primefinancial@frontier.com

You should reach out to a local mortgage professional who can provide all the information for you and your parents.

A HECM (aka. reverse mortgage) can definitely put the gold back into your parents golden years and allow them to transition some of their home equity towards inheritance such as college tuition. Be advised that the loan-to-value that can be cashed out is calculated differently than a standard forward mortgage. Speak with a HECM Specialist to go through the finer details of a HECM and how it would apply to your parents. FYI: Take advantage while it's still available as they have scaled back the program in recent years.

A reverse mortgage is a great tool for retirement planning. Are your parents currently having cash flow shortages, or are they planning just in case. There are a few options for reverse mortgages, and depending on your folk's cash flow needs and their spending/saving habits, they need to be careful to choose the correct option. The first option is a lump sum distribution of cash. This can be a good option if they need a large chunk of money right now and will have adequate cash flow to live through their golden years. This should not be used for investments or to buy annuities. The second option is tenure payments, e.g., your folks will get monthly payments for the rest of their lives. The final option, should they just be planning for potential needs, is a line of credit option. I like this option if your parents are wise savers, because the unused portion of the line of credit will grow each year.It is important that you get the right reverse mortgage product for your folks, it is a great tool to help them enjoy their retirement, however, if you don't, it could become a nightmare for them.

Reverse Mortgages are great. If they want to keep the home, and at the same time not change their life style.My suggestion to you is shop around, many reverse mortgages can be expensive. Your best choice is to google search some local mortgage brokers (lenders are more expensive) research their reviews, and make sure you not working with someone with a bad reputation or that may end up over charging, or even not delivering.Another option is to ask a local realestate agent for their mortgage rep. Many times, a successful realestate agent has a honest hard working mortgage rep and they can provide you with a good experience because the referral came from their realtor.Good luck.

If both of your parents are at least 63 years old and have built substantial equity in their home, then they might be able to qualify for a reverse mortgage. Contact a reverse mortgage expert in your area to see if they will qualify.

First, don't listen to anybody that tells you the homeowners have to be older then 63 to qualify ... they don't know what they're talking about.60% of the Reverse Mortgages I've originated started with the homeowners Children. They came to me, learning about how the program works to determine if it's a good option for their Parents.The person who helps you with the Reverse Mortgage doesn't have to be local to you - you'll want to select somebody that's knowledgeable, has lots of experience, and is properly licensed. Visit my website, www.RaymondDenton.com , to learn some fundamentals, and call or email me with questions.

A HECM (aka. reverse mortgage) can definitely put the gold back into your parents golden years and allow them to transition some of their home equity towards inheritance such as college tuition. Be advised that the loan-to-value that can be cashed out is calculated differently than a standard forward mortgage. Speak with a HECM Specialist to go through the finer details of a HECM and how it would apply to your parents. FYI: Take advantage while it's still available as they have scaled back the program in recent years.

A HECM (aka. reverse mortgage) can definitely put the gold back into your parents golden years and allow them to transition some of their home equity towards inheritance such as college tuition. Be advised that the loan-to-value that can be cashed out is calculated differently than a standard forward mortgage. Speak with a HECM Specialist to go through the finer details of a HECM and how it would apply to your parents. FYI: Take advantage while it's still available as they have scaled back the program in recent years.