Mom has Alzheimer's but not bad enough to require in-home support yet. They will earn about $170k in equity from the sale of their home. What would be the wisest thing to do with that money?
My thinking is they should purchase a modest home in the new state using a large down payment so their mortgage is affordable. This would leave them a lot of cash in the bank to pay for private care for Mom when her dementia worsens. I think dad would prefer forking out $5k for a private care place rather than using a state-run facility, at least early on.
Or they could use most of their equity to practically buy a home outright. Aside from drastically reducing their mortgage, what advantage would this bring in light of the certain decline in Mom's condition?
Can you think of other scenarios or angles to consider?