Recent Reverse Mortgage Situation - Knowledge is everything

By
Real Estate Agent with Seven Gables Realty 01750881

Several months ago, I downsized an elderly lady from her home to a retirement center.  She mentioned her concern for her daughter who was almost 70. You see the daughter had taken a reverse mortgage many years ago, was ill and did not know what her options were.  Like many seniors, she was misinformed by her friends and family members that if she took a reverse mortgage out, her home belongs to the bank.  Nonsense!

When I met with her, I asked how long she had had the reverse mortgage, what was the balance on her monthly statement.  After doing the comparative market analysis on her home, and contacing her lender, we confirmed that there was equity.  She was shocked to discover that she was going to receive almost $80,000 upon selling her home.  Needless to say, I have gotten a transaction just by being the resource to my client's daughter.

We all have heard the saying that "knowledge is power", more than anything, the USE of knowledge is power.  I am now the children's hero, as they believed they would have been responsible for all of the new facility's costs for senior housing.

 

If you are a child of an elderly client, and you have questions, please contact me.  I love creating legal but creative solutions for my clients.  And though I would primarily in the Riverside/San Bernardino counties, I am also open to working with clients in Orange County (where my main office is) and Los Angeles County. 

 

Happy downsizing!

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