Reverse Mortgages, OK for Some But Not All

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With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision.

Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can’t cover all the costs. Is suggesting that your parents take out a reverse mortgage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortgages are not the best choice for everyone.

In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.

Available throughout August on the Parent Care website, the article explains that types of reverse mortgages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortgage.

Morrison, a Certified Financial Planner, 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, to the Wall Street Journal and America Online.

Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”

About Parent Care, Inc.

Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.

Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.

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Carey Sweet
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