The concept of a reverse mortgage has increased in popularity during these economic times. This loan arrangement is typically available to seniors where they can withdraw a certain portion of their home equity and cash it out either in one lump sum or multiple payments. The obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (such as into aged care). A reverse mortgage transaction is very complex and is not for everyone. Clients considering a reverse mortgage should have the benefit of independent counsel to guide and advise them. Brinkley Walser attorneys have experience in handling reverse mortgages for either the home owner or the lender.
Click HERE to read an article from Brinkley Walser attorney Ryan V. McNeill explaining reverse mortgages and the situations where a reverse mortgage may be a good idea