Disabled and retired our mom's savings is running out w/paying bills and sister as caregiver. What are our options?
Help! What are our Options? Should we take out Reverse mortgage or HELOC? Mortgage paid off. She’s on Medicare. House in a trust. She’s a widow. Thank you.
Honestly, the house should be sold and the proceeds used to provide payment for care for your mom.
Gosh, your dad sure tied your hands when he made a trust and put the house in it. Hopefully, everyone is on board that the asset your parents acquired will now be used to support mom and her care. If not, you wait and keep on keeping on until the time for look back passes and she can apply for medicaid.
A reverse mortgage is probably not a good solution, the house will be basically sold to them for a % of the equity, determined by the mortgage company, due within a short time after death, with requirements for insurance and maintenance required during her life. If these items are not kept up, they can call the loan. Just not a good idea. Sell the house.
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Honestly, the house should be sold and the proceeds used to provide payment for care for your mom.
Gosh, your dad sure tied your hands when he made a trust and put the house in it. Hopefully, everyone is on board that the asset your parents acquired will now be used to support mom and her care. If not, you wait and keep on keeping on until the time for look back passes and she can apply for medicaid.
A reverse mortgage is probably not a good solution, the house will be basically sold to them for a % of the equity, determined by the mortgage company, due within a short time after death, with requirements for insurance and maintenance required during her life. If these items are not kept up, they can call the loan. Just not a good idea. Sell the house.
I would consult with a certified elder law attorney about your options.
I would avoid any kind of mortgage or debt - how is that going to be paid off?
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Good luck to you.