Reply to Reverse mortgage? Or other options for FIL who is broke and terminally ill?

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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]I have a lot of sympathy for your situation.  A few years ago, my FIL had a massive stroke and was in a nursing home (my MIL died the year before).  With those sorts of things, you never really know how much your loved will recover and, like your case, you don't really know how long they'll live.  Although your FIL has been given a terminal diagnosis, you don't know if he'll live 7 days or 7 years.  In our case, my FIL's house was paid for but a reverse mortgage was not our best value.  Instead, we got a regular mortgage and pulled the equity out of it to pay for his care.  What you really need is someone experienced in this sort of life situation to assist you with the planning and making better decisions.  At the time we were having to make many of them, we were unable to find anyone good.  Later, we found Amy Oviedo from  Integrated Financial Partners. She's in the Tyson's area.  Not only was she knowledgeable about financial planning, she also has a huge network of people that helped us - lawyers, home health aides, Medicare/Medicaid assistance, etc. She's been fabulous and I wish we'd had her from the beginning.  There's a lot more to this than just figuring out how to finanance your FIL's care and even if you don't work with Amy, you really should be working with someone.

Amy M. Oviedo, CLTC 
Wealth Planning Advisor 
Tel 703-896-7638 
Fax 703-563-9115 
Amy.Oviedo@IFPadvisor.com 
www.ifp-nova.com 
[/quote]

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