Legal Question in Real Estate Law in California
My father is in the process of obtaining a reverse mortgage. I am inquiring as to any known horror stories about this process
1 Answer from Attorneys
Back in 2005, "Reverse Mortgages for Dummies" (Wiley) appeared. The laws regarding reverse mortgages have been modified significantly since, so I suppose the book has appeared in revised (updated) format. I recommend it as worthwhile reading for both of you. On the whole, I think a reverse mortgage is at least one of the tools and options available for an older citizen who would prefer to stay in his/her/their home. Sure, there are horror stories, but a lot of people have remained comforable and happy in their own homes with the help of reverse mortgages. Those best able to benefit from a reverse mortgage are (a) older; (b) less likely to want to move; and (c) have a higher percentage of equity (to debt) in their homes.