reverse mortgage Tag

Maintaining a house can be expensive. The property taxes — even with senior freezes — plus insurance, utilities, water, sewer, trash collection and repair and maintenance can really add up. If home health care is required and the person isn’t receiving Medicaid-funded care, that will be an additional substantial expense. People are living longer and longer. We have worked...

Reverse mortgages have been an appealing option for many aged homeowners, because they provide access to the equity in the home when liquid assets are getting used up. These Home Equity Conversion mortgages (HECM for short) need not be repaid until the homeowner dies or vacates the premises. The borrower has to be able to pay the ongoing basic property maintenance charges — such as condo...

I have encountered the following crisis too many times. A frail elder is living at home, and since the home is safe and nice, is happily aging in place. Once the homeowner reaches the point of hiring a home health aide, they start using  up their savings. At that point, they  place a reverse mortgage on the home. This provides a significant amount of cash that can be drawn out month after...

Reverse mortgages are non-recourse loans in which the lender provides funds for the homeowner’s use now, but unlike a conventional mortgage, the loan doesn’t have to be repaid until the homeowner dies or vacates the premises. At that point, the property is sold and the loan is repaid along with the deferred costs and points. AARP has an excellent, easy-to-understand booklet about...

If you’ve been appointed as the Guardian of the Property (Guardian of the estate) for an incapacitated person, you probably know that you have a lot of authority and power regarding the ward’s assets. While you do have to file an annual accounting in New Jersey as specified in the Judgment appointing Guardian (NJSA 3B:12-42), in general the New Jersey probate court does not...

Tuesday evening I was privileged to participate in a lively panel at the JCC in Scotch Plains that was answering  questions on a wide range of elder care/ elder law issues. The panelists were terrific — Michele Morandi, D.O., geriatric physician based in Union and affiliated with Center for Hope Hospice https://centerforhope.com/ ; Chris Kaiser, MSW, LCSW, Director of the Older Adult...

Reverse Mortgages are a very useful tool for people who are running low on liquid assets but wish to remain in their homes. These non-recourse loans are designed to give seniors over age 62 access to the equity in their homes, and unlike the traditional mortgage or Home Equity Line of Credit, monthly payments are not required. However, when the homeowner/borrower vacates the premises (such as,...