Family

A borrower should discuss the reverse mortgage loan option with their fiancial advisor, family or other heirs before applying for the loan. An heir will need to be prepared to pay off the loan balance if the heir would like to keep the home. Open communication, along with strong monthly financial planning, is necessary to keep family affairs running smoothly. A Financial Advisor may offer suggestions to a senior regarding planning for estate taxes, life insurance, long term care insurance, and other options tailored to the seniors specific needs. This plan can then be reviewed with all concerned parties.