2006-11-26 16:52:43 · 5 answers · asked by brenda w 1 in Business & Finance ➔ Personal Finance
75% of all seniors will need either in-home care or nursing home care.
Without Long Term Care Insurance in place, when seniors need long term care, they could easily go through spend down of their assets prior to qualifying for Medicaid. This “spend down” often leaves little to nothing for the senior’s heirs.
Long Term Care Insurance provides seniors choices giving them the opportunity to receive care at home rather than being forced to receive care in a nursing home prematurely. Both Long Term Care Insurance and Life Insurance can be purchased with the proceeds from a Reverse Mortgage. For more information email me at reversemortgagesforseniors@yahoo.com
2006-11-26 16:56:43 · answer #1 · answered by reversemortgagesforseniors 2 · 0⤊ 0⤋
You don't need a reverse mortgage!!! These are last minute loans to people who are in desperate need of money to take care of themselves until they die. If you are financially stable, do not burden your children with a mortgage to your home when you pass. These are very profitable investments by companies who do these reverse mortgages on unexperienced and sometimes naive homeowners who do not realize the eventual cost to their families. They may have a house valued at 100K and get enough money to survive on, but then when the house is valued at 200K when they pass away, their kids will have to pay that much to buy the house back!
2006-11-26 16:58:37 · answer #2 · answered by candy 2 · 0⤊ 0⤋
You could just leave it to them, but what if you need money for living expenses or health care expenses as you dwindle down the remaining days of your life.
If you get a reverse mortgage, the home will become the property of the lender upon your death. It won't go to the kids.
It sounds as if you think you can do both, when you actually can't.
2006-11-26 16:55:01 · answer #3 · answered by markmywordz 5 · 0⤊ 0⤋
They are trying to screw you out of your assets.
Dont do it. Dont leave it to your kids either. Transfer it before you go on that long vacation so they dont have to pay inheritance tax.
You can do what is called a "quitclaim deed"
I did it last year before my divorce so she couldnt get my rental properties. Its cheap if you know how to do it yourself, otherwise an attorney might cost you several hundred dollars and the time it takes is about 5 mins.
I hope this helps.
Contact me if you need some help.
2006-11-26 16:58:34 · answer #4 · answered by Jimmy1575 2 · 0⤊ 0⤋
because a reverse mortgage is evil
it gives you the money from your paid off house - and instead of giving it to your kids - it goes to the mortgage company that bought your house from you
your kids lose - I sure won't do it
2006-11-26 16:55:23 · answer #5 · answered by tomkat1528 5 · 0⤊ 0⤋