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.”

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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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  • This is the type of discussion that needs to be brought into the conversation not by a reporter but by the family.  The article is quite helpful in obtaining that goal.

    The reporter focused on the right issue.  What is best for the senior?

    The family needs to refocus not so much about another option but to reach out to the senior and find out what that person wants.  That is but one piece of the puzzle.  What is great about a reverse mortgage is its ability to allow the senior the choice of staying at home and does so in a way it can provide dignity, independence, and peace of mind in moving toward that result.

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