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Reply to "Has anyone figured out an alternative to a reverse mortgage for a cash strapped parent?"
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[quote=Anonymous][quote=Anonymous]He needs to move to a 1 bedroom [/quote] OP here. I get what you are saying, but he'd have to pay rent then, which would cost easily as much (if not more) than just making reasonable payments on the HELOC. I guess the big difference is that if he were renting he could just spend down his assets including the proceeds from the sale of the home. He needs to work part-time and/or charge a more reasonable rent to his "renter" friend if he truly wants to keep the house. I think he is being really short sighted but that is nothing new. Delayed gratification was never his thing. Money has always burned a whole in his pocket. We were not financially stable growing up. [/quote]
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