Posted by John T on January 19, 2015 at 09:35:28 from (71.55.236.60):
In Reply to: Reverse Mortgage posted by Keith Molden on January 19, 2015 at 08:38:07:
My attorneys answer is: It can be a good thing or it can be a bad thing. Its one of among the many different tools available regarding estate planning. If you don't mind borrowing money secured by your home you might consider it. If its not paid back you risk the security you pledged. If someone is left with no spouse and doesn't mind in effect selling their home to get an income while reserving what is similar to a "Life Estate" it may be worth looking into.
MIND YOU I have prepared several estate plans for different people in my law practice AND NO TWO HAVE BEEN ALIKE. What may be best for some gent here may be just the opposite of what's best for your situation. While a reverse mortgage may be great for one person it may be a terrible idea for another. The ONLY way to see if its best for YOU is to have a competent experienced professional estate planning attorney study YOUR OWN (not someone elses) situation and your needs then come up with a plan that best suits you. It may involve wills or trust instruments perhaps mortgages etc etc along with Medicaid planning and preparation.
I would recommend you consult an attorney's advice over a lay persons as their advice may be great for them but NOT suit your needs.
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