The Loan of “Last Resort”

What?   Compared to being lined up for an execution?  Why is a Reverse loan considered to be something so dire, awful, terrible, “don’t doooooooooo it”!   I thought that “resorts” were a place where you went to have fun, eat, drink swim, golf maybe play tennis?

I love these well intentioned people that feel a Reverse loan is a terrible decision.   Quite often these individuals that make these irresponsible comments are attorneys, CPA’s and financial planners.   As though “they’re ” well informed, they know little or next to nothing about Reverse loans but somehow, they feel qualified to discuss them with their clients and typically give them incorrect information.

“How could you do that to your kids?   They won’t receive anything when you die”.   Okay but what are the “kids” doing for their parents to help them out when they don’t have enough money to meet their expenses every month?   Nothing.  You mean that it’s okay to have your Grandmother babysitting  & house cleaning at 80 or renting out rooms to strangers for the extra money she needs?

Of course not!   That would be deplorable, but that’s what is happening.   The adult children can’t afford to help their parents and that’s why they look the other way when Mom & Dad are struggling.  And they don’t want them to do a Reverse loan, either.

After all, their inheritance in on the line, folks.   Don’t want to jeopardize that!

Recently Vishall Bhuyana ( That’s his real name) the founder of V.B. Bhuyan & Comapny mentioned that Reverse loans will be meeting a huge financial need of the Boomer generation.   The Boomers are going to be out of money and bearing a lot of financial debt due to the current economic environment and a Reverse loan will take that burden off of them.

Until people get past the “they’re too expensive” (compared to what?), “the bank takes the house back” (They do?), wrong again and of course…the kids won’t get anything.   Not true again.   They will inherit their parents home along with all the other belongings from their lifetimes.

So back to my original statement.   A loan of last resort?   Not hardly.   It’s the loan to regain your life, sanity and peace of mind.

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