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Reply to "Parents out of money at 75"
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[quote=Anonymous][quote=Anonymous]I'm basically trying to offer them a reverse mortgage without fees. Instead of a bank, they use us as a line of credit. If there happens to be anything left from the house, we would recoup. I'm not expecting that to be the case and essentially consider the money a gift from us, but just trying to document appropriately for transparency among siblings. I agree there's a bigger conversation to be had. Perhaps they should not be in a house they can no longer afford to maintain. But I have no idea where they could go that would make more financial sense. We're committed to helping. I'm just feeling a bit overwhelmed by this turn of events. [/quote] I get where you're coming from, OP - I hate the idea of giving banks even more money. But in this case, I would say it's better for them to take out a reverse mortgage and deal with the bank than to mix family and money. It keeps you and your spouse out of the picture. If your in laws are covering daily expenses with SS and only need money for emergency things like a roof, then the reverse mortgage on 50% of the value of the house is probably all they need. When it is time for their senior care/AL, sell the house and use the remaining 50% for their care. When that's gone, it'll be Medicaid if it still exists.[/quote]
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