You may wonder what these two topics have in common. In more cases than not, the plain truth is that if buyers reviewed all of the governing documents i.e., CC&Rs. ByLaws, Articles of Incorporation (if applicable), minutes from the past 3 months of meetings, the current Rules and Regulations, BEFORE MAKING AN OFFER, they probably would not purchase a condo because of restrictions that may not work for the buyer’s expectation. Buyers who are willing to live with the restrictions are happy.
Reverse mortgages are similar, if the senior and the family knew all of the limitations and restrictions of choosing this type of financing, they may think twice about doing it. Reverse mortgages are a good form of financing for seniors who will find more benefits than disadvantages. This is the way to handle the situation, after reviewing all the documents, evaluate the disadvantages vs. the advantages.