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Reply to "It's me - the DIL with the in-laws and drama around their cabin."
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[quote=Anonymous]Even if they sell, the money will be wiped out in 3-4 years max and MIL will need to qualify for a medicaid bed in a facility. Your SIL can’t unilaterally take out a HELOC if she isn’t on the title of the cabin. Your MIL would have to do that. Is she mentally competent? Potentially doubtful anyone would even give her a HELOC if she has no income to make the payments. Payments also start immediately, if your SIL is seriously contemplating a $300-400k HELOC, that monthly payment is way more than the $150x3 you seem to be tossing around. Not to mention taxes and upkeep on the cabin, utilities, etc. This a cockamamie plan. Cabin has to be sold, now. If the SIL can afford it, she can buy it outright, but it has to be for FMV because Medicaid has a look back period of 5 years.[/quote]
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