By Lisa Prevost | The New York Times
Adult children have reason to be wary when their parents start talking about reverse mortgages. The loans make sense only for those who plan to stay in their homes for the rest of their lives and can afford to pay property taxes and insurance for that long.
But elder law and reverse mortgage experts say they frequently encounter resistance from children less concerned about the terms of the loan than about losing their presumed inheritance.
“If heirs are all concerned about their inheritance, but don’t want to go into their own pockets to help out Mom and Dad, it’s really a Catch 22,” said Matthew Murphy, the president of Reverses Are Us in Hauppauge, N.Y.
