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