How can I get my parents financial help with their reverse mortgage?

1 answer | Last updated: Nov 15, 2016
A fellow caregiver asked...

My parents did a reverse mortgage about 3 yrs ago and it was wonderful to not worry about that payment. However, now their income is only about $2600 a month and they can't pay the taxes. I am trying to get them some assistance. Do you know of any resources?

 



Community Answers

A fellow caregiver answered...

Lending limits for reverse mortgages increased Nationally last November and in some cases it went from $200,160 to $417,000, so depending on where your parents live, they may qualify for additional money from a refinance or HECM to HECM depending on their remaining equity position.  They won't have to pay all of the closing costs again as the mortgage insurance is prorated.