INHERITANCE

Reverse mortgages can sometimes provide solutions where people feel stuck.

There is a joke I framed as a question: What do you do when your father dies? You cry because your father is gone, but you also smile because he may have left you an inheritance. Of course, inheritance is not always simple. Sometimes it creates unexpected challenges.

One of my clients experienced this firsthand. He and his brother inherited a beautiful home here in the Bay Area. For more than two years, they argued over what to do with the property. One wanted to keep it, the other wanted to sell for more money. It became a constant back-and-forth, creating frustration and delaying a solution.

Eventually, they reached an agreement: my client would keep the house, but he needed to pay his brother $2 million. That was not a simple task.

I was able to find a creative solution by combining a reverse mortgage on the inherited home with a rental-based loan on the property where my client currently lives, which will now become a rental property.

This type of strategy is not always possible, but creativity often opens doors. Finding solutions is why people call and write me  — and I hope you will too.

Meanwhile, you are kindly invited to watch me speaking on the subject by clicking this link to my YouTube channel.

Warmest wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983