Reverse Mortgage Information for Adult Children

reverse mortgage advisor connecticutOlder Americans have given to their families and their communities for decades.  Now it's their turn to relax and enjoy life.  

It's common for adult children to look into the reverse mortgage process for their parents and help them make the right decision. There are various reasons for this - concerns about scams or fraud, anxiety about repercussions on inheritance, fear the parents may lose their home, etc.  These questions are all completely reasonable, especially with many of the myths that surround the industry.  When it suits the family dynamic, making sure the decision works for everyone can alleviate worry down the road.  

Recent Posts

  • Home Equity Among Seniors Rises

    In the first quarter of 2017, home equity held by homeowners 62 and over rose 2.6% to $6.3 trillion, according to data from the National Reverse Mortgage Lenders Association. This $200 billion increase of housing wealth is attributed to rising home values across the nation, and especially in Colorado where some of the largest spikes were […]

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  • When To Refinance Your HECM Reverse Mortgage Loan

    HECM reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning.  But refinance a reverse mortgage?  It’s not something you hear about often, or maybe you don’t even realize it’s an option.  And why would […]

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  • Applying for a Reverse Mortgage : What to Expect

    If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog).  So what comes next? Here’s a quick run down of what to expect… Age qualifications.  You’re probably […]

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  • Are You Ever Too Old For A HECM Reverse Mortgage?

    The minimum age for a reverse mortgage loan is 62, but what about a maximum age?  Is anyone ever too old for a reverse mortgage?  I don’t think so, although it won’t be right for everyone. Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples.  There are […]

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  • Delay Social Security Payments with a HECM Reverse Mortgage

    When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70.  But many seniors need this income as soon […]

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  • The HECM Reverse Mortgage Line of Credit, Explained

    The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works.  Well, they need to get on board because consumers are interested – and they should be.  Here’s why.. First, what is a line of credit?  Simply put, […]

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  • The HECM Reverse Mortgage Maturity Event

    When a conventional mortgage is taken out, there is always a maturity date. This date designates, if the borrower never defaults, the last payment (including all interest and principal) bringing closure to the loan. With a HECM reverse mortgage there is a maturity event, that is, a designated event in the borrower’s life which makes the loan […]

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  • Can I Get a HECM Reverse Mortgage if I have a HELOC on the Home?

    The short answer is – absolutely.  And as a matter a fact, HECM reverse mortgages are great options to eliminate HELOC payments. A HELOC is the acronym for Home Equity Line of Credit, and thousands in Connecticut have taken advantage of it. When the housing boom was in full swing a number of years ago, the values of […]

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  • Can I Sell My Home That Has An Existing Reverse Mortgage?

    Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there.  But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable.  So, what now? Although this is an important factor, it’s not nearly as daunting as […]

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  • Should You Pay Off A Traditional Mortgage With A HECM Reverse Mortgage?

    A recently released university report by the Michigan Retirement Research Center and funded by the Social Security Administration showed that 55% of those utilizing a HECM reverse mortgage are using some of the proceeds to pay off a traditional mortgage. So, when is this a good strategy? 1.) They’re living in a house they can’t afford […]

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  • Banks vs Brokers vs Direct Lenders – Navigating HECM Reverse Mortgage Professionals

    So, who are these HECM Reverse Mortgage professionals, anyway?  And how do you know which is the right fit for you?   I was recently asked by a borrower’s attorney to take over a loan application, because after two months nothing, and I do mean nothing, had been done by the original reverse mortgage  broker!  It’s […]

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  • Today Show : Part 1 – How To Help Your Aging Parents Find The Best Place To Live

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 1 – How To Help Your Aging Parents Find […]

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  • Today Show : Part 2 – Is A HECM Reverse Mortgage Right For Your Aging Parents?

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 2 – How to Handle the Cost of Aging […]

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  • Today Show : Part 3 – Helping Parents Make Legal, Medical, and Financial Decisions

    Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 3 – Helping Parents Make Legal, Medical, and Financial […]

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  • The Reverse Mortgage Home Appraisal

    Getting assessments on just about anything can seem laborious or tedious; who wants to have something close to them looked at with a magnifying glass? But appraisals for HECM reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a […]

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  • Do You Need A Connecticut Elder Law Attorney?

    Elder law is a relatively unknown segment of law and is often overlooked when seeking legal solutions.  But for some older individuals and their families an elder law attorney may be exactly what they need.  Elder law is very broad and includes things like estate planning, probate, guardianship, real estate, nursing home neglect and a dozen […]

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  • 6 Reverse Mortgage Myths That Need Debunked

    The HECM Reverse Mortgage program was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life in America after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved […]

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  • Should Your Elderly Parent Age In Place?

    As you watch your parents or loved ones age, it can sometimes be a struggle to determine the best option for their long term housing. Should they age in place in their home? Should you make space in your home for them? Should they move to a long-term care facility? Or should they move to a […]

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  • Your Reverse Mortgage and Taxes

    There are many differences between a reverse mortgage and a traditional mortgage – and taxes are a big one.  Here’s a run down of what to expect come tax time if you have a reverse mortgage. The Tax Liability Issue Because any funds you receive from a HECM reverse mortgage are essentially an advance on […]

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  • 3 Important Changes for Reverse Mortgages in 2017

    The reverse mortgage program is constantly evolving and has been since it’s inception nearly six decades ago.  With the ever changing needs of older Americans and the revolving door of politics, making positive movement is a necessary part of the big picture, and these changes are largely beneficial to the industry as a whole, as well […]

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  • 5 Surprising Ways To Utilize A Reverse Mortgage

    One of the biggest perks of a HECM reverse mortgage is it’s up to the borrower to decide how to use the funds, as well as how to receive those funds.  And with the rapidly improving reputation of today’s reverse mortgage, those uses are being suggested more often and are becoming more creative.  This wonderful financial […]

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  • Does My Home Qualify for a Reverse Mortgage?

    Reverse Mortgages are a specialized loan available to homeowners 62 and over.  This creative resource is used by a wide demographic – from those looking to supplement a fixed income, to the more affluent in need of protection for retirement assets, and even those wanting to purchase a home in retirement.  But there are some requirements when […]

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  • Are You Prepared to Take Care of Your Parents?

    The cost of eldercare in Connecticut is staggering.  And so is the toll it takes on an adult child.  Are you prepared for either?  Or both? A recent MetLife study estimated that the total cost incurred by the caregiver alone (not including the costs directly related to care) is an average of $324,044.  The financial impact can […]

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  • What Are Reverse Mortgage Borrowers Responsible For?

    The HECM Reverse Mortgage program in Connecticut continues to help thousands of retirees create the life of their dreams.  Homeowners, age 62 and over, are eligible for this type of loan.  A huge advantage is the borrowers will live mortgage payment FREE, but they will still have some responsibilities, including a small amount of financial obligations. Here are […]

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  • Reverse Mortgage for the Married Couple

    If you’re married and have been looking into a reverse mortgage, it’s not unlikely the question keeps arising: ‘What about my spouse?’  This is a perfect starting point for understanding the long term effects of taking out a reverse mortgage as a couple. Here are a few points to understand: • As long as both […]

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  • What Happens to a Reverse Mortgage After the Owners Pass?

    A common question and concern surrounding a HECM reverse mortgage in Connecticut is what will happen to the home after the homeowners pass away?  Will the bank take possession?  Will it be allowed as inheritance?  Will it be possible to keep the home in the family? These are very valid concerns – so I’d like […]

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  • What is a FHA Insured Reverse Mortgage Loan?

    If you’ve taken the time to learn even a little bit about a Connecticut reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times.  But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage.  These loans are typically insured […]

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  • How to Find a Reputable Reverse Mortgage Lender in Connecticut

    For many older homeowners, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress.  In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home.  Funds from a […]

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  • Reverse Mortgage Questions Answered for Adult Children

    As your parents age, their needs will inevitably change. And as they change, your need to consider options with them will increase. While these conversations may be the first of their kind, it will also be a chance to offer support. Reverse mortgage could be a viable option to meet everyone’s wishes, especially your parents. […]

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