Does reverse mortgage change estate planning? 1 Answers as of September 07, 2010

My mother is thinking about reverse mortgage. Will we the family have to substantially alter the estate and estate planning if she does? Does reverse mortgage have any other tax issues?

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E. Ray Critchett, Zaino & Humphrey, LPA
E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
The effects of a reverse mortgage should be fully discussed with the estate planning attorney as it can disqualify your parents from receiving their Social Security income if their total liquid assets are exceed federal limits. Also, upon death, the loan will need to be repaid which may significantly reduce the amount of assets being passed on to the heirs. Unfortunately, there is not a quick simple answer.

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Answer Applies to: Ohio
Replied: 9/7/2010
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