Follow us:

Northwest Voices

Seattle Times letters to the editor

April 24, 2014 at 7:04 PM

Reverse mortgages: Best use is to invest in a living will, based on experience

On reverse mortgages: My father’s reverse mortgage let him live happily in his own home for five years with dementia and two wonderful live-in caregivers until he died at age 95 [“Mortgage loans meant to help seniors, push out their heirs,” Business/Technology, April 19].

He left them bequests totaling $25,000 in an estate of almost a half-million, and named me executor to be sure they got it. While I was with his body at the funeral home, a will leaving out the caregivers was entered. My sister and niece would obtain two-thirds of his estate. A trial was ordered.

Dad died the month the housing market peaked. I had a year to repay the mortgage.

Piece of cake? The will contest took eight months. I had to sell during the housing market crash of 2008. My sister and niece sued me for the amount their inheritances fell short because of lost value in the house, plus their attorney fees. I did get the caregivers their bequests, but attorneys got much of the estate my father worked to age 82 to acquire.

A good use of a reverse mortgage funds would be to invest in a living will, which doesn’t have to go through probate.

Carol Carnahan, Freeland

Comments | More in Seniors | Topics: Carol Carnahan, living will, reverse mortgages

COMMENTS

No personal attacks or insults, no hate speech, no profanity. Please keep the conversation civil and help us moderate this thread by reporting any abuse. See our Commenting FAQ.



The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times.


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►