Newspaper article The Topeka Capital-Journal

Terms Remain Intact after Reverse Mortgage

Newspaper article The Topeka Capital-Journal

Terms Remain Intact after Reverse Mortgage

Article excerpt

Dear Bruce: I am about to turn 90, and my wife is 86. We have had a reverse mortgage for 20 years, and it has been sold several times. Is the current loan holder required to abide by the conditions of the original loan? -- F.N.

Dear F.N.: This is a short and straight-to-the-point answer: You have nothing to worry about. Even if the contract turns over a hundred times, the owners of the contract are bound by all of the agreements made at the original closing.

Dear Bruce: I recently came into some money from selling an inherited property, approximately $100,000. I was thinking of putting some into my Roth IRA and some into mutual funds. I also want to keep around $10,000 to $20,000 liquid for home and car expenses. When I spoke to a financial counselor at my investment company, he highly recommended annuities as a way to avoid taxes until withdrawal, both fixed and variable. …

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