BEWARE homeowners, estate planners and family members of elderly parent; a “reverse mortgage” means that the homeowner is exchanging ownership rights to the house for cash payments. Thus, under a reverse mortgage the property belongs to the lender (bank) and not the family (heirs). Remember, “if it sounds too good to be true, then it probably is”. Adult children must continue to stay involved in the lives of their elderly parents and pay more attention to the financial decisions their parents may be making.
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Source: Silver-Greenberg, Jessica. "Pitfalls of Reverse Mortgages May Pass to Borrower's Heirs." NYTimes. The New York Times, 26 March 2014. Web. 27 March 2014 <http://nyti.ms/1hujd2g>.