Obtaining a Reverse Mortgage Using a Power of Attorney

Alissa, 50, was the only heir of her father Joseph, 86, and wanted to make sure that he was well taken care of even when she could not be by his side. Because of his failing health, she had a Power of Attorney that allowed her to make decisions regarding his well-being. After talking with a reverse mortgage specialist, she decided that a reverse mortgage was something that would be good for her father. His home was worth $150,000 and there was no mortgage on the property. She found out that he could receive:

Lump Sum	$114,353
Line of Credit	$102,238
Monthly Advance	$1036

After learning this and talking with her father, Alissa decided that it would be best for him to receive the monthly advance. This way, he would be able to continue receiving in-home care and still have money left over for his daily expenses. She felt safer knowing that her father would have enough money to care for himself when she could not be near him.