Many times my clients use the RM as a vehicle to avoid having to go to their kids and ask for a monthly check. Most kids would rather their folks use a RM than write them a check to help them out...and the folks are usually reluctant to ask the children. With the looming inflation making all seniors money evaporate..RM's will become increasingly necessary and popular.
.RM’s will become increasingly necessary and popular.
I see nothing wrong with it personally but interest rates and other costs seem a bit high. Other drawbacks are inheritance issues. But as you say, when kids are involved and know what the folks must do it’s probably better than giving the folks cash that most really don’t have anyway. This crisis is really going to affect the norms regarding past inheritance pratices and expectations.
Some older folks may be too embarassed to tell their kids and they’ll only find out after death. Expectation has generally been that the folk’s home is free and clear. It’s really sad that so many will still owe on their homes until death.