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Reply to "Reverse mortgage? Or other options for FIL who is broke and terminally ill?"
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[quote=Anonymous]My FIL has always been grossly financially irresponsible. He's a good guy and he's always worked, but he never saved. Now he's 64 and has literally no savings of any kind. He gets $900/month in social security. He's been living off of an inheritance but he only has about $10K left. He had tried to start a business but it didn't work out so he was in the process of looking for a job, when he was diagnosed with terminal cancer. If we are very very lucky he will last a year. There's virtually no change he'll be alive in 5 years. His house is worth at least $300K, maybe more. (He bought it 20 years ago.) He has a $150K mortgage with payments of $1900/mo. His property taxes are high, which may account for much of that. His credit is terrible. We and other family members can help, to an extent. Together we can probably scrape up $1500 a month. But it's going to hurt, and we only want to do it if there's no other option. Even if we gave him that much, I'm not sure he would have enough for all of his expenses. He has good health insurance but of course there are always copays and such, plus all of his general living/house expenses. Keeping him in his house is a priority, if at all possible. He loves it, to the point where I honestly think he will die sooner if he has to move. The house is small and only one floor and there is family nearby, so it should be manageable for him. I'm wondering if a reverse mortgage might be a good option in this situation. Or, are there any other things we should be exploring? (And yes, I do resent the fact that we are putting off our own goals in order to give in to his wants when we are in this position due solely to his irresponsibility. But he's my DH's father and he's dying and I'm not going to pick this battle. I'm not looking for feedback on that part.) Thanks for any advice. [/quote]
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