Reverse

[Administrator]

My elderly mother wants a reverse mortgage but due to her already needing full time care she receives SSI, Social Security, Medicaid and Medicare. It may or may not affect her benefits, however, is there another way that we can borrow on the home since she has over 400K in equity? Should she try to put my name on the title? I take care of her and do not have the best credit, but we need the money to get her an in-home nurse since she still wants to stay in her home. Any advise?

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(Source: mortgagefit.com)

[Eugine]

A reverse mortgage (or lifetime mortgage) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.