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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]OP, not to sound morbid, but how old is he and how is his health? Is he likely to live a long time? If he’s unwilling to sell and downsize, and renting doesn’t make finance sense, I’d just have him use his $30k in assets to pay the thing down on a monthly basis. This leaves him a chunk of change to take care of repairs and other things that pop up. Once the well dries up, he will have more options for assistance programs, especially for home repairs. If it were me, this is what I would do. I would also immediately get his name on low-income senior housing, because it’s likely he will eventually run out of money and need a housing option that works with his SS fixed income. It sometimes takes about four years to be approved for housing. [/quote]
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