MortgageReverse

LA Times: Reverse Mortgage May Be Best Option

Reverse mortgages saw a good news headline this weekend in the L.A. Times’ “Money Talk” financial column. A reader seeking advice on the best financial action for her 82-year-old mother asked whether selling her mother’s nearly-paid-off home or putting off the sale by renting from her mother would be good courses of action in an effort to allow her mother to age in place. The home needs some upkeep, the reader noted in the column titled, “Reverse mortgage may be best option for elderly homeowner.”

“We are assuming she should sell it,” the reader wrote.

The answer? “Investigate reverse mortgages as one option,” the L.A. Times’ Liz Weston wrote. “Your family needs to take action, but setting your mother up for not just one but possibly two future moves probably isn’t the best course.”

The column notes that reverse mortgages can be expensive, but that a new version of the Home Equity Conversion Mortgage offers lower upfront fees.

Read the L.A. Times column.

Written by Elizabeth Ecker

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