Was appointed full guardian of both my parents over a year ago. Dad passed away, mom is still in assisted living center. I'm running out of their cash assets to pay for her care. They have a paid off home worth 160K that I have rented out for $1050 a month.
As full guardian can I get a home equity loan for part of the homes value? I was looking to get 50K on a ten year loan. That would be approx $530 a month payments which the rent money would more then cover.
Don't really want to have to sell the house because would be losing the rent coming in to help pay her bills and the court rules for selling a house as a guardian almost makes it impossible to do so as you have to keep going back to court on every step of the sale for approval and I've been told that the whole process from when you get a buyer that wants to buy it takes up to 6 months. Not many buyers are going to wait 6 months to close the sale!!
I'm the only heir of my parents and they have no debt. I tried web searching for info on this subject but can't find any.