Question: When would it make financial sense for my elderly parents to consider a reverse mortgage?
Answer: Reverse mortgages can be valuable tools for someone who is house rich but cash poor. Generally, though, given the costs involved and the new restrictions on use, they are best used when other financial resources are extremely limited and the older adult needs to access the equity in order to stay at home. Reverse mortgages are not to be used to enhance a lifestyle.
If you need help with this or other elder care matters, you can find Elder Care Professionals near you on ElderCareMatters.com – America’s National Directory of Elder Care / Senior Care Resources for Families.
You can also find Elder Law Attorneys on ElderLawAttorneys.us and Estate Planning Attorneys on EstatePlanningAttorneys.us – 2 additional websites
sponsored exclusively by the national ElderCare Matters Alliance.
Robert M. Slutsky, Esq.
Robert Slutsky Associates
Plymouth Meeting, Pennsylvania
An ElderCare Matters Partner
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