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Carroll S Golden
a book bubble about
How Not To Pull Your Family Apart
Parenting & Relationships
Author Insight
What's an ADU?
Given the number of American 65 and older is increasing every day, accessory dwelling units (ADUs) and other add-ons are increasingly providing a housing solution for family members. Some home owners are ready to tackle the construction headaches and interruptions that come with adding a new living area to their current home. Others prefer to add a free standing unit on their property which may be called a granny pod, granny flat or backyard cottage. Still others may add an apartment over the garage or convert basement space into an apartment. In some cases, there can be resistance from neighbors and zoning. Presently, it is estimated that only four percent of households have an ADU, although in an AARP survey, thirty-two percent of homeowners responded that they are interested. In some cases, the parent may pay rent, or provide childcare, or the ADU or other add-on may provide the physical and/or protection of the older family member. If none of these options are feasible and the parent or family member owns their own home and wants to age-in-place, then a Home Equity Conversion Mortgage may be the answer.
Book Excerpt
How Not To Pull Your Family Apart
“Hello everyone,” she states. “First, let me thank you for inviting me on the call this evening. I have worked in the reverse mortgage field for more than 15 years. I’ve seen many positive changes, especially important as we discuss James and Carolyn’s options with regard to the home they love which houses many treasured family memories.”
Jackson responds, “We appreciate you taking the time to meet with us.”
Smiling, Cheryl, continues. “Here is how I would like to proceed. I will share some information with you, answer questions, address concerns, and set up a follow-up call. I will begin with an overview of reverse mortgages and, at the conclusion of our time together, I hope we will see that today’s reverse mortgages provide qualified homeowner’s a good deal of flexibility in terms of funding care needs. Loan officers can discuss using a line of credit or a loan to pay for care services, pay long-term care insurance premium, avoid penalties for early withdrawals from qualified plans, avoid poor market timing if forced to liquidate funds, and so on.”
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