Mom is in a financial bind and was introduced to a reverse mortgage through which she could gain instant cash. Something that she has done without for over three years now.
Serious discussions with her lead me to believe that I Will be assuming the house when she is no longer able to fulfill financial obligation and or passes away.
Wondering if I should allow her to get into Reverse mortgage now And what implications there are for me when I want to take over title and assume financial possibility?
Your thoughts are appreciated.
Most reverse mortgages end up in foreclosure. When the owner dies or doesn't keep up with the home insurance, the heirs have 6 months to pay off the debt or they will lose the house. Please keep that in mind. You will need to be prepared to financially take it over. The Brokers don't let that fact get in the way of the deal.