Providing Support for Your Parents Considering a Reverse Mortgage

While many seniors are wanting to find answers regarding the reverse mortgage, some people who qualify for a reverse mortgage, qualified seniors that just are not aware of this type of loan. In some cases they have heard about it yet need a little help in understand how it works. This is where family members can help.

Many reverse mortgage seniors are entirely adept of handling their finances without any help. Just because they are classified in our society as a "senior" is not an indication that they are not capable of making their own financial decisions. As their children or family member, you understand your parents or grandparents better than anyone else. This is where you can help out by taking into consideration their strenghts and limitations before you step in to help.

However, if they can successfully arrange their reverse mortgage without your aid, by all means, take a step back and just let them be.

As children we take the role of our parents for granted. It's natural to move away from our parents and take on the role as parents ourselves. Somewhere along the line our our role as the one who needs help takes a suddent change. Instead of asking for help and advice from our parents, unexpectedly we find that we are in the position of the one giving the advice and helping out with a variety of situations that we had never been involved in before.

This may be the first time your parents actually come to you for help and advice, if only to gain your support, and not necessesarily your advice. Although this role may feel strange, it is important to understand the difference between support and simply taking over.
The fact is your parents are not totally alone, they will be required to speak to a qualified counselor. So your parents are not going into this without help.

However, sometimes issues can arrise that are confusing and require more concentration and difficult decisions. While the information given to the counselor is private, if your parents or family member allows you to be involved in the meetings and counseling session, you can provide some solid support. Even if that support is just your presense in the room.

While helping out can be a good thing, it is important to remember that although you have great love for your parents, the home does not belong to you, the signature on the loan will not be yours, and if at all possible, try not to let your emotions run away with you. Ultimately, it is the title owners decision as to whether the reverse mortgage is something they want to do or not.