http://chairliftforstairs.org/chair-lift-for-stairs/chairlift-for-stairs-for-my-elderly-parents/ Facts to consider when choosing a chair lift for stairs. Mon, 09 May 2011 14:48:37 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://chairliftforstairs.org/chair-lift-for-stairs/chairlift-for-stairs-for-my-elderly-parents/comment-page-1/#comment-13 Diane M Sun, 11 Oct 2009 01:49:03 +0000 http://chairliftforstairs.org/?p=23#comment-13 A reverse mortgage can be wonderful if done right. I usually suggest that people take the funds as a line of credit. They request a sum for a particular thing and then spend it during the month that the check arrived. This way it wont affect any benefits that depend on your assets or income. You will never outlive a reverse mortgage because they wont give you more than about 80% of the home value. What you get will be determined by age and value of the home. Sounds like your parents may have a problem getting a reverse mortgage if the home is in too bad repair. All the charges are due when the mortgage comes due and you are charged a monthly fee (added in to what is paid at the end). The fees can be a bit hefty. The loan would only come due if a person dies, sells the house or is not living there for 12 consecutive months. Whatever is left that was not used in the line of credit minus the fees would go to the persons estate if they pass away. Be wary of companies that havent done reverse mortgages often or for a long time. Two of the best in the business are Financial Freedom and Wells Fargo. Make sure you are getting a mortgage backed by the Feds and that your parents go through the required independent counseling so that they are aware of what they are signing. You might tell your siblings that if Mom or Dad has to go into a nursing home and is getting Medicaid, that the state will put a lein against the house anyway to get reimbursed for what they spent on Medicaid. I think the wise choice is to talk to a reputable reverse mortgage specialist to see what they could get to make the home more adaptable. They can also use the funds to pay for in home care if needed. A reverse mortgage can be wonderful if done right. I usually suggest that people take the funds as a line of credit. They request a sum for a particular thing and then spend it during the month that the check arrived. This way it wont affect any benefits that depend on your assets or income.
You will never outlive a reverse mortgage because they wont give you more than about 80% of the home value. What you get will be determined by age and value of the home. Sounds like your parents may have a problem getting a reverse mortgage if the home is in too bad repair.
All the charges are due when the mortgage comes due and you are charged a monthly fee (added in to what is paid at the end). The fees can be a bit hefty. The loan would only come due if a person dies, sells the house or is not living there for 12 consecutive months.
Whatever is left that was not used in the line of credit minus the fees would go to the persons estate if they pass away.
Be wary of companies that havent done reverse mortgages often or for a long time. Two of the best in the business are Financial Freedom and Wells Fargo. Make sure you are getting a mortgage backed by the Feds and that your parents go through the required independent counseling so that they are aware of what they are signing.
You might tell your siblings that if Mom or Dad has to go into a nursing home and is getting Medicaid, that the state will put a lein against the house anyway to get reimbursed for what they spent on Medicaid.
I think the wise choice is to talk to a reputable reverse mortgage specialist to see what they could get to make the home more adaptable. They can also use the funds to pay for in home care if needed.

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