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The Heirs are Dead Wrong: Here’s Why

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HECM Researcher outlines a win-win strategy

reverse mortgage newsAs reverse mortgage professionals each of you most likely have encountered adult children who are nervous about their parents spending away their inheritance with a reverse mortgage. However, one notable HECM researcher and tax attorney says these concerns are largely unfounded.

Inheritance is a highly-emotional and delicate subject that is often difficult to broach. But what about the facts? Barry Sacks, a practicing tax attorney tackles this difficult subject in a recent article in Reverse Mortgage Daily. He contends that the through the strategic and judicious use of a HECM a borrower can actually provide a substantial bequest with a securities portfolio, in some instances tax-free. One strategy is to employ a tax offset or deduction when their parent’s..

 

Download a transcript of this episode here.

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6 Comments

  1. The crowning touch to this post was recommending the use of a financial planner where a member of the mass affluent is involved. The key to maximizing the use of a reverse mortgage is following a judicious and responsible strategy especially when it comes to a mass affluent borrower.

    Otherwise, I will let Dr. Sacks speak for himself.

  2. Improving one’s lifestyle might not be consistent with the “strategic and judicious use of a reverse mortgage;” thus a senior getting a HECM to buy a luxury car, a boat, a second home, a club membership, an upscale vacation, or similar item that the borrower might not otherwise even consider without a reverse mortgage most likely does not match being judicious with a reverse mortgage.

    Reverse mortgages can be a means to improve one’s financial position or a means to ruin it. It all depends on how the borrower uses the proceeds.

    • Did I miss it? Was there something in this post that said one should “improve one’s lifestyle”? And what are the credentials of “The_Cynic”? Who is this unnamed person – who doesn’t have the courage to use his or her own name?

      • The comment about improving one’s lifestyle came about after recently reading the 25 ways to spend proceeds in the last issue of the NRMLA Reverse Mortgage Magazine and reading reasons originators give for getting HECMs.

        Certainly neither Shannon nor Barry suggested using an improvement to lifestyle criteria for spending proceeds. If it seemed I even suggested that then I apologize to both Barry and Shannon.

        As to credentials, I am a senior who can read but according to your standard, I lack courage. Perhaps the standard should not be the use of names but rather the ideas promoted in our comments. That is the way blogs and most comments work.

        Besides how do I know the author of the response above actually has the legal name, Charles Guinn. Can you prove it online? Should that matter? Or should I even care? If you would like I can make up a version of Charles Guinn to use online rather than The_Cynic. Would that help you any?

        • As an avid reader/listener/watcher of this site, I have seen the comments come and go, and as I agree w/ Mr. Guinn, as to why you hide yourself and come off as a “negative” person at times. I also agree w/ your comment and really what difference does it make what name is out there? Mr/Ms. Cynic, you do provide great insight and many legitimate questions/comments and anyone who is serious about this industry should at least read and come to their own conclusion the points you are trying to make. I for one, have agreed w/ you numerous times and disagreed as well, but great thing is, that we all have an opinion and whether you share your name or not, you share your opinion and for some its spot on, for others not, but yet, its helpful none the less, so thanks,

          • Thank you, Derek


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