Moving in with the Kids

Moving in with the Kids

How seniors are helping save their children’s homes.

There are alot of families that are facing hardships today. They are being forced to leave homes and move into apartments because they cannot afford their mortgage, or moving in with parents because they lost a job or have run into financial trouble. There are even many cases where the parents have moved in with the kids so that the family can afford to stay in the home.

Here is the fun part of the story. There are a few cases where the parent, who was not wealthy by any stretch of the imagination, has helped save the child’s home simply by moving in. How is that possible?

Since the parent was over 62 they were eligible for a reverse mortgage.

The parent moved in with the child, the child and the parent did the paperwork to deed the home over to the parent under a reverse mortgage and have the home willed back to the child should anything happen to the parent.

The result was a family who was saved by the parent, not with large sums of cash, but simply by using the parents entitlement to a reverse mortgage. Each of the families now live in a home without mortgage payments, a loan that is only growing the debt at a rate around 3.5%, and each family is able to work out its financial troubles on a lower monthly budget.

Way to go mom and dad. I love family stories with happy endings.