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When you get this mortgage you are told to be sure your children know the situation. Meaning they will have to either buy the house back from the company in order to keep it. They don't tell you that anyone who is living with you will be homeless if he or she doesn't sell the house within six months. They sell it for the balance of the Reverse Mortgage and like I said, your live in child is homeless.
I am not naming the mortgage company for obvious reasons. People, PLEASE, make sure you have an attorney or someone who can help you review any and all print including small print on these documents. If you have children who live away from you this might be for you, I say MIGHT. I hope this has given you some help in deciding what to do. When you have a close person die you don't need this kind of confusion while you mourn. Children, make sure your parents have your support whatever they decide. |
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