Reverse mortgages are popular but can often become an issue that confronts beneficiaries who inherit a property after the person who took out the mortgage passes away. As the borrower, you must understand that a reverse mortgage could affect the inheritance. As the beneficiary, you would require protection.
Our lawyers understand the disadvantages of reverse mortgages, particularly the fees and interest can be significantly expensive for both the borrower and the beneficiaries.
When you are a beneficiary
With our advice, you will avoid any pitfalls of the inherited reverse mortgage and any problems that come with the property. We can help you understand where you stand with the lender of the reverse mortgage, what they expect of you and how long you have to decide what you want to do with the property. Most importantly, what do the rules state about your inheritance.
Additionally, what steps you need to take to organise any required financing or sale of the property. It could even mean you may not have a home to inherit, but the good news is you will hopefully be debt free.
When you are the borrower
While reverse mortgages are a popular way for homeowners to borrow against the value of their properties and not need to repay the loan until they move out or die, it’s common that their beneficiaries are left with the painful task of sorting out the debts.
Before you take out a reverse mortgage, Mountains Lawyers will advise you if it’s the right thing for your situation and if so we will help you get it right so you can pass on your assets without burdening the beneficiaries.
You may find that a reverse mortgage may not be the best option depending on your situation or that it could reduce the amount of inheritance being left behind for beneficiaries. Additionally, we will make the process and documentation much easier to understand. Mountain Lawyers will be at your side and guide you in your negotiation when applying for a loan. We only want what’s in the best interest of you and your loved ones.
Make the most of your assets. Call Mountains Lawyers on 9592 7326 today to discuss reverse mortgages.