Agent

‘House-rich’ homeowner shouldn’t take daughter’s advice

Does reverse mortgage allow bank to gain control of house?

DEAR BOB: I am retired, age 72, and in relatively good health. But I am "house rich and cash poor," as you often mention. I've been looking into a reverse mortgage to improve my income. Also, my house needs a new roof and other repairs. When my daughter visited recently, I discussed a reverse mortgage with her. She was very opposed, saying the bank would wind up owning my house. I want to leave her a nice inheritance. But I'm worried that if I live too long, there won't be anything left for her. What do you advise? --Helen H. DEAR HELEN: Many selfish adult children try to talk their parents out of obtaining a reverse mortgage. The obvious reason is a reverse mortgage will reduce the amount of your daughter's inherited equity in the house. Purchase Bob Bruss reports online. However, you have no moral or legal obligation to leave your selfish daughter anything. She is clearly wrong. The bank will not wind up owning your house. When you decide to sell, move out for longer than 12 months ...

Comments