Hi Everybody, I’ve been reading all of your comments for a couple of years. I really wish I wasn’t part of your club but I am.
My 90 year old Mom has vascular dementia which is getting progressively worse. She lives alone with a caregiver that comes 4 hours a day. She owns a $220k home with $30k mortgage on it. The house is in her name.
Assisted Living is out because she needs more care and a nursing home is to depressing for us kids to put her in. She gets pension and social security at $2300 monthly.
I want to get a reverse mortgage and use that money for her care.
Has anyone here had luck w a reverse mortgage? I heard they charge $15-$20k in fees. Do you still own the house? Would they pay off her existing mortgage?
Sometimes I wish she would die in her sleep. It’s all very stressful and I’m across country. I go home for a month every 3 months .
Sorry for going on and on .