[pierre]

Hello, I am a Medicaid Planner here in Florida. I get asked every day if they should or can do a Reverse Mortgage and other financial questions concerning assets... Is it advisable for someone that wants to pass on their home to their heirs to do a reverse if they only have a few years to live?

[gmakerley]

Pierre, if an elderly person wishes to transfer title to their home to heirs, a reverse mortgage is likely to be a stumbling block in many cases. It can be done, but the heirs would need to pay it off - either by obtaining their own new loan to refinance, or by selling the home. Often, this is not a viable possibility; due to credit issues of the heirs at times, lack of equity in the property, etc.

If someone truly wishes to go about this, there is a definite need to investigate all the obstacles. Make sure that heirs have good credit or else they'll be stumbling along wondering how to take care of things in this sort of situation.