Benny Victory, J.D.

First, that the rate of their balance increasing was much less than their property value appreciation! Second, their home was their single largest asset!  Without having access to this money, what difference could their “housing wealth” have to their daily quality of life and financial independence? If I give you a safe with a million dollars and you can never get one dollar out of the safe, how are you a “millionaire?”  Third, there would never be ANY risk to them not having shelter, regardless of how much future home values depreciated and their loan amount increased! Simply put, if we managed to pay for their property taxes, and home insurance; (which we would have to do regardless of their having any type of mortgage) they could age in place and not have any issues!

My parents have lived in their own home for the past 45 years! My father passed away 5 years ago and my mom still has her independence, living in her own home. The house has doubled in home value equity appreciation, when compared to the current mortgage balance; and there is no worry about the idea of “nothing being left for inheritance!”

Unfortunately, there is a great amount of misinformation around this program as well as its numerous features and benefits! However, working with a licensed and educated professional, who has your best interest in mind can be a giant step forward in learning if the reverse mortgage is a good option for you to consider. I hope that I can assist and answer the questions that can provide you with the needed facts, for your educated decision on this matter.

Please feel free to contact me to discuss your specific concerns.