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Reply to "s/o How much do you know about your parents/ILs finances?"
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[quote=Anonymous]I hope the reverse mortgage had decent terms. Did she take the lump sum option or a stream of payments? Many take (and are encouraged by the brokers to take) the lump sum, and then they spend it all. The whole reason for reverse mortgages is to allow old folks to age in place, but if they blow through the money, they cannot afford to stay in their home. HUD knows it needs to better regulate the industry on this, but laws have to change. It is a race to the bottom for the mortgage brokers. So many people have signed some really, really, really crappy agreements (beyond just the lump sum issue), it has been awful for so many families.... The WP real estate section had a horrible story on reverse mortgages this past week. I am sorry. [/quote]
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