A New Worry About Reverse Mortgages

A New Worry about Reverse MortgagesThe New York Times has recently published a new article that points out a sometimes-overlooked issue that can arise with respect to reverse mortgages.  If a reverse mortgage is not arranged for in a thoughtful and thorough manner, sometimes a surviving spouse can be forced to sell the house and move out when the other spouse passes away and the house is the subject of a reverse mortgage that was taken out only in the name of the spouse that passed away.

Reverse mortgages are not evil or bad.  Like any complicated financial tool, they can be used to create good outcomes, or they can produce bad outcomes when used by those who are not experts.

This illustrates the importance of working with a reverse mortgage broker who really knows what they’re doing and who knows what to ask about, what to look out for, and how to protect the interests of all concerned.  The article appears on the Times website at A Red Flag On Reverse Mortgages.

Tim Colling
Tim Colling

Tim Colling is the founder and President of A Servant's Heart In-Home Care, which provided in-home caregiving services in San Diego County, and also of A Servant's Heart Geriatric Care Management, which provided
professional geriatric care management services and long term care placement services in San Diego County. Tim has more than 30 years of experience in management in a variety of industries. He held a Certified Care Manager credential from the National Academy of Certified Care Managers. Tim is also a Certified Public Accountant (retired), and received his Bachelor’s Degree in Accounting from California State University at San Diego. In addition to writing blog posts here for the Servant’s Heart blog, Tim also is a regular contributor to HealthLine.com and to FamilyAffaires.com as well as blogs of other eldercare services provider companies. Finally, Tim is also the president of A Servant's Heart Web Design and Marketing, which provides home care marketing as well as website design and online marketing for those who serve the elderly and their families.

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