I can remember when an elderly aunt asked my opinion about reverse mortgages. My question to her, was why would you be interested in a reverse mortgage? Although I could understand that she thought it was a quick solution to an existing problem, she could not understand my explanation, that a reverse mortgage, proposes pitfalls in the future. You seem a reverse mortgage will rob your heirs of any inheritances. Soon after the parents die, the heirs are plunged into a bureaucratic maze as they try to get lenders to provide them with details about how to keep their family homes.
There is no data to disclose how many heirs are facing foreclosure because of reverse mortgages. But housing counselors for the elderly suggest that it is a a growing problem that is effecting tens of thousands.
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