I thought this was really funny.
DEAR BOB: I am retired, age 72, and in relatively good health … I’ve been looking into a reverse mortgage to improve my income … When my daughter visited recently, I discussed a reverse mortgage with her. She was very opposed, saying the bank would wind up owning my house. I want to leave her a nice inheritance. But I’m worried that if I live too long, there won’t be anything left for her. What do you advise?
DEAR HELEN: Many selfish adult children try to talk their parents out of obtaining a reverse mortgage. The obvious reason is a reverse mortgage will reduce the amount of your daughter’s inherited equity in the house.
However, you have no moral or legal obligation to leave your selfish daughter anything. She is clearly wrong. The bank will not wind up owning your house.
When you decide to sell, move out for longer than 12 months or die, the reverse mortgage must be paid off from the house’s sales proceeds. The remaining equity goes to your heirs, presumably including your daughter.
The Bible does not say, “Thou shalt leave thy ungrateful heirs a big equity in thy house.” You have no obligation to leave your daughter anything, especially if she doesn’t want you to enjoy your home and keep it in good repair by obtaining a reverse mortgage.
Source: ‘House-rich’ homeowner shouldn’t take daughter’s advice – By Robert J. Bruss, c/o The Boston Globe
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