An Alternative To A Reverse Mortgage
Reverse mortgages can be expensive so some are giving their parents a private reverse mortgage. It sounds like it could be a good idea if you have the cash to do it.
It’s pretty interesting article that talks about the pros and cons of doing it. Always make sure to consult your CPA and Financial Planner before doing it.
“When Wayne Tew, a credit-union president in Las Vegas, realized that his parents needed money, he bought their house and leased it back to them, freeing up their cash for a new car and travel. The son claimed tax deductions for the home’s depreciation. And after his mother died four years ago, he sold it for a small profit.”