Reverse Mortgages Could Allow Elderly To Remain At Home

With their parents living on fixed incomes while health care, home maintenance and living costs rapidly rise, children of the elderly want to help parents remain in their homes. Reverse mortgages may be a good option but expert urges careful consideration before signing on the dotted line.

San Rafael, CA (PRWEB) May 4, 2007 -- Costs for energy, health care and daily living have overrun your parents' income. The old roof on their home needs to be replaced, their air conditioning is on its last legs but paying in-home aides is an absolute necessity. With college looming, the several hundred dollars you had diverted monthly from junior's education funds are no longer available. Faced with similar circumstances, many caregivers are considering suggesting that their parents take out a reverse mortgage -- a way to receive the equity from a home without making any more payments. An expert urges caregivers and their parents to explore all alternatives before signing on the dotted line because reverse mortgages may not be the best option for everyone.

Financial expert Debra Morrison shares insights on a topic many may be considering but without a full understanding of the implications of acquiring and using this financial tool. In this month's feature article on Parent Care (http://www.parents-care.com) she cautions that trying to predict whether our parents will be able to stay in their homes long enough to enjoy the benefits of a reverse mortgage might be an anxiety-producing and elusive variable. Future changes to parents' health could wreak havoc with a seemingly well thought out decision. She urges that caregivers recommend a reverse mortgage only with the assistance of a professional and only after the tradeoffs of a parent's unique situation are well understood.

Featured on the Parent Care website (http://www.parents-care.com) throughout May, Morrison's article explains the various types of reverse mortgages, their benefits and potential limitations. She also provides food for thought about who, and who should not, consider them. Significant difference in parents' ages, the possibility of moving into assisted living or moving parents into progeny's homes are major considerations. Morrison urges readers to think and rethink the wisdom of taking a reverse mortgage.

A Certified Financial Planner, Morrison is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, the Wall Street Journal and America Online.

"Today's constantly shifting financials sands make Debra Morrison's article timely and especially useful for caregivers," stated Parent Care (http://www.parents-care.com) CEO William Gillis. "Her stature, experience and knowledge are invaluable to caregivers and their elderly parents."

About Parent Care, Inc.

Parent Care (http://www.parents-care.com) is the leading information source for the country's seven million long distance eldercare providers and their employers. Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.

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