Hello to you good folks here. I'm asking this question for my friend.
My friend had to move her elderly, sick mom out of the Mom's house and into her home over a year ago. It is now clear the mother will never be well enough to live alone again. Sadly, my friend is a widow too, and is financially strapped and has debt. And, FYI, her debt is not because of her life choices; her financial problems began when her second husband died 8 years ago and he left her the house WITH a huge mortgage. He willed all his substantial savings and assets to his two adult sons.
My friend has a steady, full time job, thank goodness, but the salary is low. And although her mother's home and car are old and not worth a lot, they're worth something! The house may be worth about $90-$100k if sold soon in today's market.
I've reviewed dozens of discussions here and researched info online, but cannot find anything that directly addresses this question: The mom is ready and willing to sell her house. What are the best ways to sell the mother's house so that the proceeds could help my friend? Is it possible to roll-over the proceeds of the sale of mom's house into the daughter's home's mortgage? The daughter will be securing legal POA status this week.
The mom is only 82, can not longer drive or fix her own meals or manage her business dealings or health care. But it is likely the mom will live many more years with her daughter in the daughter's home. It would benefit them both if any funds could be used to help pay down the daughter's mortgage.
THANK YOU for any insights or advice or personal experiences you can share concerning this situation.