Reverse Mortgages – They said I can never owe more than my home value, HUD clarifies what is true when your reverse mortgage comes due.

For years, reverse mortgage originators have been telling borrowers that reverse mortgages are “non-recourse”. They could never owe more than their house is worth at the time the loan is paid back. The Merriam-Webster Dictionary defines non-recourse as being or based on an agreement in which the lender has no right of recourse to the borrower’s assets beyond stated limits.

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What happens to the Reverse Mortgage when I pass away? – how much time do my heirs have?

I am often asked, “how long do my heirs have before they have to pay off the reverse mortgage?” A reverse mortgage becomes due when a “maturity event” occurs. In most cases this is either when the home is sold or the last borrower passes away. Each lender’s requirments are different. Here is what one lender had to say about repayment:

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Caregiver Burnout – Adult Day Care Services to the Rescue

If you are a primary caregiver for a loved one, you are well aware of the daily stress and emotional and physical impact it can have on your health.
Susan learned this first hand when she and her husband, Tom, brought his Mom home to live with them. Mom suffered from dementia and had to be watched constantly. Susan found that when you become a caregiver, you start

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Elder Mediation Resolves Family Conflicts

The National Care Planning Council has seen an increase in requests from caregiving children for help in solving disputes with siblings. In one case, the caregiver was being sued by her sister for abusing their parent and stealing the Social Security checks. In another, the caregiving child would not allow siblings to see their mother, claiming they would take advantage of her.

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DOWN SIZING WITH A REVERSE MORTGAGE, A RETIREMENT TOOL-Ask your self these “Age in Place” questions

Considering a reverse mortgage? Here are some questions to ask your self first. It’s quoted time and time again; over 95% of seniors want to live the duration of their retirement years in their own homes. Often consumers will start their research on programs, costs and numbers.

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