Reverse Mortgages – Children’s concerns

By Alain Valles, MBA, MS

Are you at least 62 years old and own a home with some equity? Do you wish to have access to cash, pay off a current mortgage, or be better financially prepared? Then you should learn about the pros and cons of a government insured reverse mortgage.  

A great place to get free information is the “How to Use Your Home to Stay at Home” 36-page book. This is the official reverse  mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development and published by the National Council on Aging.  

To receive your free copy, please call me at (781) 724-6221 or email me at av@powhse.com.  

But what about the children? 

You may decide that a reverse mortgage is the optimum solution to ensuring financial stability and freedom but find that your children have the following concerns: 

You’re giving your home to the government – False 

• Just like a regular mortgage, the deed is in your name  

You’ll lose control or ownership of your home – False

• Just like a regular mortgage, you must pay your real estate taxes and homeowner’s insurance on time and abide by the loan terms  

They’ll have to pay for something – False 

• You have the option of never making a mortgage payment
•  The loan can be paid off when the home is sold 
• Your children have no financial responsibility as this is a non-re course loan 

They must give permission for you to obtain a reverse mortgage –  False 

• I always encourage the children to be part of the conversation but there is no requirement to do so 
• You may get a reverse mortgage without your children’s approval 

I am available to evaluate your specific situation, answer everyone’s questions, and calculate how much money is available. 

Call today to receive your free “How to Use Your Home to Stay at Home” 36-page book.  

Alain Valles was the first designated Certified Reverse Mortgage Professional in New England. He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. He is the senior reverse mortgage loan officer MLO#7946 at Powerhouse Funding Corp. NMLS #1740551. He can arrange but does not make loans. Alain can be reached directly at (781) 724-6221 or by email at av@powhse.com.