My elderly relatives got a reverse mortgage about a decade ago without telling anyone. They’ve been getting monthly payments and took out extra loans. Now one has dementia and they’re struggling financially.
I’m trying to figure out:
- How long do reverse mortgages typically last?
- What happens when the money runs out?
- Are there any options or things we should know?
They’re in their late 80s and really confused about the whole situation. I want to help but don’t know much about reverse mortgages myself. Any info or advice would be really appreciated!
Thanks for any help you can offer.
Reverse mortgages can be complex, especially when dealing with elderly relatives. The duration depends on factors like the home’s value and how much was borrowed. When funds are depleted, your relatives may need to sell the home or explore other options. It’s crucial to review the loan terms and remaining equity. Consider contacting the lender to discuss the current situation and potential alternatives. Given their age and health concerns, it might be wise to involve an elder law attorney who can provide guidance on protecting their interests and navigating this challenging financial landscape. Acting sooner rather than later is key to finding the best solution for your relatives’ well-being and financial stability.
Hey dancingbutterfly, that’s a tough spot. reverse mortgages can be confusing af. Have u looked into local senior services? they might have free counseling. also, maybe check if ur relatives qualify for any assistance programs? could help ease the financial strain. good luck figuring it all out!
Oh wow, that’s a tricky situation! Have you tried talking to a financial advisor or elder care specialist? They might have some good insights. I’m curious, do you know how much equity is left in the house? That could be important. What are your relatives’ living preferences - would they be open to downsizing or moving to assisted living?