California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

I Am Leaving My Home To My Kids

by Jeffrey L. Bangerter
November 17, 2008

How are your children and grandchildren doing financially right now?

How is your retirement or future retirement doing right now?

Unfortunately we are in tough economic times right now and it is likely to continue to be bad or get worse.

If you have always planned on leaving your home to your heirs that is great, but couldn’t you help them more NOW than after you die?

Just from the financial prospective, if you could help them pay down their mortgage or cars or even other debt, wouldn’t their lives be much better?

From a more personal perspective, think of the joy you could receive while you are alive of providing the much needed release of the financial pressure your family is under, if you wait until you die you get no joy from giving the gift and it may be too late to help them keep their home or avoid bankruptcy.

Many seniors are proud of the fact that they have a home paid off or mostly paid off and they should be proud of this, the only error in that thinking is that homes are for families not for equity.

Put another way, if you feel that it will be a great accomplishment to leave a home that is free and clear to your heir several years from now after you die but in the mean time you continue to let you heirs suffer financially even though it is they that you are saving your home for, does that make much sense?

Many people think a FHA Home Equity Conversion Mortgage (HECM) more commonly called the reverse mortgage, is only for poor people.

That is a really big misconception; the reverse mortgage loan is a solution to a lot of different issues (pay off mortgage, pay off credit card debt, retirement planning to name just a few).

It can be to help your heirs while you are alive as I have suggested, it can be used for a more full life for you as your life comes to a close.

Have you seen everything you always wanted too?

Have you spent as much time with your grandchildren as you wanted too?

The reverse mortgage can put more life in your years, not just years in your life!

Sometimes we need to look beyond the day to day, you may be comfortable with your income the way it is, but could your life be better if you knew you were helping your family again.

As a father of grown children it took a while to get over the fact that my children did not need my help in their day-to-day lives and as we age it feels like we are needed even less or even that we become the ones that need the help.

The reverse mortgage could be an opportunity to help your family again by easing the financial burdens they are in now.

If you have family members that could be helped now by the equity you plan on leaving them anyway, give us a call and let’s talk about how reverse mortgages may assist you.