Reverse Mortgage Loan Blog

Regarding the story in the March 17 issue, “More to reverse mortgage warning?” there are at least three aspects of this warning that are incomplete or inaccurate.

First, the Financial Industry Regulatory Authority Inc. of New York and Washington doesn’t explain that a reverse mortgage allows you to participate in the appreciation of the house and limits your downside because the money obtained is yours no matter how much the house drops in value.

Second, many homeowners who want to avoid a nursing home can use the reverse mortgage to pay for in-home care.

Finally, I think Finra is referring to equity annuities, but a fixed-income annuity isn’t a bad trade and may have some use for Medicaid planning.

You ought to question it on this.

Peter J. Chepucavage

General counsel

Plexus Consulting Group LLC

Washington

Found here.

Bookmark It