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| How Does It Affect My Kids? |
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In approximately 70% of the cases where the kids are involved in the decision-making process, according to AARP statistics, the kids are in favor of their parents taking out a reverse mortgage if it is in the best interest of their parents. In most of the cases where the kids are against their parents taking out a reverse mortgage, it has to do with a lack of understanding as to how a reverse mortgage works and/or the concern of losing their inheritance. At this point it becomes a personal decision between the parents and the kids. The things that need to be considered are the following: 1) The need of extra money for parents to meet their financial obligations and daily living expenses. 2) The removal of financial stress in order to improve their quality of life. 3) The ability for parents to retain their dignity and independence. 4) The legitimacy of the need for the kids to inherit their parents home versus the sacrifice the parents would be making foregoing the extra income. 5) Have the parents and the kids been fully educated in order to make an informed decision? |
Mortgage Trust Company 2345 Bee Ridge Road Suite 7B Sarasota, FL 34239
(941) 925-1990 Toll Free: (877) 905-5626