Reverse Mortgage Question Portland Oregon: The Truth About Why Some Children Hate Reverse Mortgage
"I just found out that my parents had a Reverse Mortgage on their property in Portland, Oregon and I think they were taken advantage of! What do I do now?" Does this sound familiar? My husband always says that there are three sides to every story: mine, yours and the truth.
Whether you live in Portland Oregon or anywhere else in the United States the answer is the same. Were they really taken advantage of or could it be that you were just taken by surprise because you did not know that your parents had a Reverse Mortgage on their property until they both passed away. It is important to understand that so many of our Older American's are VERY private people: they don't even share their financial burdens with their families. It is hard for this younger generation to understand because we tend to talk about EVERYTHING! The fact is that most Older Adults do not want to burden their families with their struggles to make ends meet. Imagine yourself down the road a few years: your income earning days are behind you and you have what you have. Now image the losses in the stock market over the last few years, declining real estate values, rising health care cost, medicare coverage getting more expensive and covering less. What do you do?
For most your choices are:
- Tell your kids and ask them for money
- Don't fill your prescriptions or spend money on your health care
- Sell your investment portfolio
- Make minimum payments on your credit cards while you are running the balances up
- Sell your home
- Use the equity in your home to support you
Don't forget that in a survey most Older Americans fear two things the most:
- Outliving their assets
- Loosing their Independence
Most of us children would not mind pitching in to help Mom and Dad cover their expense, but that means a loss of Independence to them and sets off a plethera of other emotions like being a burden and a failure. Put yourself in their shoes, ask questions and get to the bottom of their financial concerns. Educate yourself about their options and learn with them how a Reverse Mortgage works. It is not right for everyone, but educating yourself is the first step. Remember there are three types of knowledge when it come to Reverse Mortgage.
- Those who know about Reverse Mortgage
- Those that don't know about Reverse Mortgage
- The most dangerous: Those that THINK they know about Reverse Mortgage
You don't know what you don't know. Which of these categories do you fit into? Portland Oregon has a team of Home Equity Experts that will help you educate yourself and be pro active instead of re active. If you are a Reltor thinking that Reverse Mortgages hurt more than they help then ask yourself some of the questions above and consider that the Home Equity Expert in Portland Oregon may have helped their parents finish their life with self-respenct, dignaty and peace of mind. We understand if the children were shocked to learn about the loan, but we always suggest that family members are a part of the process from the beginning. If you would like to learn more please visit my website. You will even find a calculator that can give you a rough idea of how much you could qualify for not only in Portland Oregon, but anywhere in the US.
My Dad and Mom have had a Reverse Mortgage in Klamath County for 8 years now and are my biggest fans!