Is a reverse mortgage the right option for your parent?
Paying for all of the expenses in your later years can be tough. Social security or pensions or IRAs may not be enough. But for home owners with equity a reverse mortgage is one available option. Is it the right choice for your family’s situation? The short answer: it depends.
Kim & Mike Barnes of Parenting Aging Parents talk to Scott Norman of Finance of America Reverse. Scott is also the co-chair of the National Reverse Mortgage Lenders Association and actually closed the first reverse mortgage in Texas 20+ years ago.
They discuss what exactly a reverse mortgage is and what it does, who it is best suited for and situations where it might not be a good option.