It is suggested that you learn about reverse mortgage before you make this decision.
You may also want to consider your parents living conditions.
Here are situations when reverse mortgage could be the best solution for your parents.
If a home is foreclosed, everyone loses senior parents who then may be forced to live with their children and lose their independence and heirs who will lose their inheritance. Keeping the home with a reverse mortgage always outweighs losing the home to foreclosure.
Some medication and treatments are very expensive and some seniors are forced to live with pain every day because they simply cannot afford the cost of prescriptions and treatment. If your parents have equity in their home, reverse mortgage can convert the equity into cash to be invested in their health and well-being.
If your parents are struggling financially and are not able to pay their debts and are considering to file for bankruptcy. Then with a reverse mortgage, your parents will be able to convert the equity in their home into cash, pay off all debts and best of all, continue to own and live in their home for the rest of their lives.
Are your parents sacrificing their comfort and the general quality of their lives to be able to continue being selfless and generous and do anything for their children or anyone else they love? Many parents would not bother their children with their financial problems and will continue to suffer in silence. With reverse mortgage they can convert the equity in their home into cash so they can live the quality of the life they deserve.
Are your parents not fully enjoying their retirement due to limited finances? Are they still dreaming of visiting those special places they always wanted to go? Are they still wishing they could join their friends on those cruise ship trips? Perhaps they would love to be more generous in giving gifts to their grandchildren. These are all simple wishes your parents simply miss out on. Retirement is meant to be a period to enjoy a lifetime of hard work. Your parents don’t have to be in a dire situation to consider help from a reverse mortgage.