Some parents consider transferring ownership of their homes to their children. Why? Many believe that it is a classic win-win situation. They can continue to live in the house, while at the same time reduce the value of their estate for tax purposes and provide a valuable asset to their kids down the road. If[...]
Reverse Mortgages Doing Damage From Beyond the Grave Here is an article from the New York Times on reverse mortgages. The article focuses on the damage done to children after elderly parents take out reverse mortgages so they (the parents) can stay in the home as medical care costs begin to increase. Many times, the[...]
Here is another post discussing how seniors are handling finances. I’m not a financial advisor (nor do I play one on TV), but I know enough to be dangerous. This article from USA Today talks about how more seniors are using debt to finances their retirement. Whether it is an additional mortgage or credit cards,[...]
Although reverse mortgages hold out the possibility of financial stability for older Americans, it is best to exercise a good deal of caution when considering this option. It might not be the panacea some people believe the concept to be. “The very loans that are supposed to help seniors stay in their homes are in[...]