I would like to let the community know that payment for eldercare may be possible with a reverse mortgage. A reverse mortgage is a refinance loan on a home and the homeowner does not repay the loan as long as they live in the home. Any existing loans or liens must be paid off with reverse mortgage proceeds. After liens are paid off, the remaining money can be disbursed in a creditline, lump sum, monthly payment or a combination of these. The loan must be repayed once all homeowners are deceased or have moved from the home for a period of 12 months or longer.
Negatives: It is possible that there will be a large balance at the payoff time of the loan and the equity may be reduced.
The most popular reverse mortgage is the HECM (Home Equity Conversion Mortgage) and it is insured bu HUD. High value homes would probably benefit from jumbo loan reverse mortgages.
Critera for reverse mortgages:
For additional information, feel free to contact me. I service the State of California but I am very knowlegeble about reverse mortgages.
Tonya MatthewsBank of AmericaReverse Mortgage Equity Loan Officer Metropolitan Los Angeles Los Angeles, CA(310) 606-0828(909) 494-4062 fax
tonya.l.matthews@bankofamerica.com