Reverse mortgage, what are the payback options and how is the money accessed and distributed?
The reverse mortgage will be for my mother who is unable to manager her funds. How can I protect her funds and administer her monies safely? Is it possible to put restrictions on where and how much money is used? A: Payback option – pay it off at death or permanent move. If you can pay it back earlier, you don’t need a reverse mortgage. You need to form a trust with the proceeds of the reverse mortgage. The trust can say virtually anything your mother wants to say about how to administer and what restrictions. A trust attorney can do this relatively easily.
