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re: Parents considering Reverse Mortgage
Posted on 1/12/23 at 3:33 pm to AUHighPlainsDrifter
Posted on 1/12/23 at 3:33 pm to AUHighPlainsDrifter
quote:
I don't believe the OP started this thread in order to have people critique his parents' business acumen or ridicule their decision making. Many business owners have done the same thing over the years and lost their shirts. As I'm sure you know, there is no guarantee of success in that endeavor.
True, but he said the family was now running the business after they invested all their money in it. So, I needed more context. Because it sounded like they handed it over and now get nothing.
I regret sounding negative about it.
This post was edited on 1/12/23 at 3:34 pm
1
Posted on 1/12/23 at 4:40 pm to lsu13lsu
This is confusing. OP says family is now running it, and he is the only family, so OP is running it?
Not averse to the reverse mortgage, but there’s a limit as to how much can be borrowed against the home. Seeing as the business sounds like it has been handed to the OP, couldn’t a loan be taken against a piece of the business to pay them for building it? Or possibly keep them as part owners and pay them an annual dividend?
Not averse to the reverse mortgage, but there’s a limit as to how much can be borrowed against the home. Seeing as the business sounds like it has been handed to the OP, couldn’t a loan be taken against a piece of the business to pay them for building it? Or possibly keep them as part owners and pay them an annual dividend?
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