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re: Parents considering Reverse Mortgage
Posted on 1/12/23 at 10:43 am to coverboy
Posted on 1/12/23 at 10:43 am to coverboy
What's the purpose of the mortgage? Is it to support the business that they spent most of their retirement on?
I'd say that's a solid pass for me. They would be creating additional debt right to follow spent money.
Do they own the building where their business is located? They could sell the building provided it isn't based out of their home.
I'd say that's a solid pass for me. They would be creating additional debt right to follow spent money.
Do they own the building where their business is located? They could sell the building provided it isn't based out of their home.
This post was edited on 1/12/23 at 10:44 am
1
Posted on 1/12/23 at 10:46 am to hey benji
The business is totally separate and run by the family. The money from the reverse mortgage would be for them to enjoy their remaining years basically.
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