The reverse mortgage, financial product is not for everyone. This product reminds us about the old adage, “Buyer Beware”. The reverse mortgage is a way for seniors citizens with equity in their homes to draw either a lump sum or monthly income in the event personal finances are strained and all options have been exhausted. In theory, the reverse mortgage works if you want to sell you home at the time of death and have no interest in passing your home to your heirs. Once you begin to draw down from the equity of your home you will begin to loose your largest financial nest egg. Remember homeownership is the best way to pass wealth from one generation to the next. The reverse mortgage disrupts this process and can be financially devastating if you do not understand the ramifications of this important decision. It is always beneficial to get the advice of an attorney to understand in plain language what you or you family members may want to consider before signing on the bottom line.
http://www.businessinsider.com/reverse-mortgage-what-it-is-and-why-its-a-bad-idea-2018-4
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.