I often have potential borrowers explaining that they don’t want a Reverse Mortgage because they want to save the house as an inheritance for their children.
However, they need to improve their financial situation and a Reverse Mortgage could provide them with flexibility by eliminating their monthly mortgage payment, providing monthly cash, a line of credit, or a combination of these. One solution to this dilemma may be to consider using a Reverse Mortgage to increase cash flow and purchase a life insurance policy to provide the inheritance.
I’m not an insurance agent, so I can’t quote rates on various insurance options, but I can provide the numbers for the Reverse Mortgage and am happy to refer anyone to insurance agents who can explain the costs and options of various insurance products.
Let me know how I can help you!