Anyone Here With A Reverse Mortgage

lol

Gen Z expects to inherit money and assets—but their boomer parents aren’t planning on leaving anything behind​


https://finance.yahoo.com/news/gen-z-expects-inherit-money-145827436.html

Millennial, here --- but my mom keeps getting concerned with what she's going to be leaving me. Definitely not "loaded" but she's comfortable for retirement.

I have to tell her to not worry about me. I'm in good shape. She might as well enjoy what she has if she can.
 
A reverse mortgage is a very misunderstood loan. Many on here do not understand it. Let's say your home is worth $400,000. The bank gives you $200,000. You die. Your heirs inherit the house. It is now worth $500,000. Your heirs payoff the reverse mortgage-they sell the house. They keep any additional equity the property many has accumulated. The reverse mortgage is another tool to use-especially if you own a home outright and you are trying to get by on a small retirement amount (Social Security, Pension, whatever) and would like more money.

Many think they are signing their house "over to the bank"-while it will have a lien on it (just like any other property loan) your heirs still have control.

Intensive research is needed before considering a reverse mortgage.
 
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My mom has a house we can't sell due to a property line dispute.
Debating on one of these for and make it someone else' problem.

It may be hiring a lawyer would be less than the upfront costs (included in the loan) than getting a reverse mortgage.
 
The wife and I are gen x. Our gen z kids are married, living with their spouses, and have good jobs they got through merit. Yes, they will have some inheritance. But they are not lazing around waiting for that day.

One thing I'll mention is if you have assets, and care what happens to them if you were to die unexpectedly, make sure you have a Trust and Will in place. If there are beneficiaries for any type of accounts, make sure the beneficiary list reflects current wishes. If things have changed since that beneficiary application was filed, divorce, etc., the entity holding that asset WILL go by the original application, regardless of any later changes made in a Will or Trust.
 
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