Ask Shop Rate: Tracy, WV

Posted by  on Apr 16, 2009
My parents are both aging and entering into retirement homes- their current home is paid off. Would it be more beneficial for me to out right sell the property or have them do a reverse mortgage? In this situation, with your parents leaving the property, it would be best to sell the home and divide the profits accordingly. With any mortgage there are fees associated with borrowing money which would be subtracted from the profits as well as the normal monthly fees (taxes and insurance) which must continued to be paid as long as your parents reside in the home. If your parents were going to continue to live in the property, it might be something to consider but do careful research prior to any decision.


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