What about my inheritance?

In talking with people about reverse mortgages, they often will ask me, “What about the inheritance that is suppose to go to the kids?” Most times, after receiving a question like this, I chuckle a bit. Not because it is a crazy question, but because I wonder why in our society have we suddenly came to the belief that inheritance is some sort of entitlement? I know that when I meet with my financial advisor, he (and all others that I have spoken to) reminds me that inheritance is not something you should plan for. Life takes crazy turns and much of that inheritance could be gone with one major catastrophic event.

The reality is, and the worst case scenario is that there won’t be any equity left once the homeowner no longer lives in their home. However, it is likely that if the money is used cautiously, and interest rates and real estate values don’t hit a slump for a long period of time, many people who have a reverse mortgage will likely have some equity available at the end. BUT THERE ARE NO GUARANTEES!

When I think about my parents and the inheritance issue, I am much like many children who have parents entering, or who are already into their senior years. I would much rather have my parents live the life they want to live, and be self reliant, than to have them live in financial stress during their remaining years with us. For many, being able to afford the gift of remaining in their home for as long as they can is a true gift.

I recently read an article about inheritance and reverse mortgages that I want to share with you. It comes from Transworld News and is titled “Do You Owe Your Kids an Inheritance.”

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Explore posts in the same categories: Real Life Stories, Reverse Mortgage Details, Reverse Mortgage Industry

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