Hi, I am Pete Losavio, certified elder law attorney and board certified estate planning attorney. I'm going to reveal the hidden dangers in reverse mortgages.
The biggest danger in a reverse mortgage occurs when the occupant goes to a nursing home. Any unused credit on the reverse mortgage has to be spent on the person's care at the nursing home. This causes a non resource to be converted to a resource which has to be spent down.
In addition, if the house is left unoccupied it triggers repayment of the reverse mortgage. Generally, this causes the home to be sold. If you need any assistance a further information, please contact us at 225-769-4200.