Family Reverse Mortgage

Question

I came across this article about family-funded reverse mortgages, also known as caregiver loans.

https://www.latimes.com/business/realestate/la-fi-harney-20150503-story.html

I'm thinking that some might find this a useful way to keep parents at home if there are uber-solvent family members and lots of equity in a property.

CaringRN · Accepted Answer

My Mother & Aunt desired to remain in their homes as they aged. My husband & researched how to make this possible. We spoke to my Mother & Aunt about obtaining a Home Equity Line of Credit(HELOC) & they were able to pay for caregiver expenses using the HELOC. Also, they saved themselves the cost of the exorbitant fees charged by the reverse mortgage companies.

Geaton777 · Answer

Barb, very interesting. Thanks so much for sharing it!

Family Reverse Mortgage

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