Has anyone figured out an alternative to a reverse mortgage for a cash strapped parent?

[Anonymous]

Anonymous wrote:Why don't you and your sibling pay it off?

What would keep OP's spendthrift but mentally competent dad from getting a reverse mortgage anyway? Or acquiring some other new debt to get a quick pot of money to support his lifestyle? Do not throw good money (yours and sibling's) after bad when there is no way to control his spending.

[Anonymous]

How is he currently paying for the other bills, like property tax and home insurance? If he gets a reverse mortgage, what happens if he doesn't pay those bills?

[Anonymous]

When was the last time you visited him at the house? I'd want to get a good look at his condition, the condition of the property and that roommate. I would take pics of the interior and exterior to show for an independent appraisal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why don't you and your sibling pay it off?

What would keep OP's spendthrift but mentally competent dad from getting a reverse mortgage anyway? Or acquiring some other new debt to get a quick pot of money to support his lifestyle? Do not throw good money (yours and sibling's) after bad when there is no way to control his spending.

I didn't see anything about him being spendthrift. Op said he retired a little early, this loan is decades old, and he'd been paying what he was rrequired for the interest. He has cash savings. It sounds like the mother died early and its difficult for him to pay the loan principal on just his SS without touching savings. Op can decide but for me, this guy doesn't sound terribly irresponsible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don't you and your sibling pay it off?

What would keep OP's spendthrift but mentally competent dad from getting a reverse mortgage anyway? Or acquiring some other new debt to get a quick pot of money to support his lifestyle? Do not throw good money (yours and sibling's) after bad when there is no way to control his spending.

I didn't see anything about him being spendthrift. Op said he retired a little early, this loan is decades old, and he'd been paying what he was rrequired for the interest. He has cash savings. It sounds like the mother died early and its difficult for him to pay the loan principal on just his SS without touching savings. Op can decide but for me, this guy doesn't sound terribly irresponsible.

.

In a subsequent post, OP wrote the following:
"Delayed gratification was never his thing. Money has always burned a whole in his pocket. We were not financially stable growing up."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don't you and your sibling pay it off?

What would keep OP's spendthrift but mentally competent dad from getting a reverse mortgage anyway? Or acquiring some other new debt to get a quick pot of money to support his lifestyle? Do not throw good money (yours and sibling's) after bad when there is no way to control his spending.

I didn't see anything about him being spendthrift. Op said he retired a little early, this loan is decades old, and he'd been paying what he was rrequired for the interest. He has cash savings. It sounds like the mother died early and its difficult for him to pay the loan principal on just his SS without touching savings. Op can decide but for me, this guy doesn't sound terribly irresponsible.

.

In a subsequent post, OP wrote the following:
"Delayed gratification was never his thing. Money has always burned a whole in his pocket. We were not financially stable growing up."

Plus, if it was difficult to pay the loan and other expenses after his wife died, he needed to go back to work part-time.