Reply to It's me - the DIL with the in-laws and drama around their cabin.

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[quote=Anonymous][quote=Anonymous][b]Unless the cabin can generate income to cover the HELOC this sounds like a really dumb plan.[/b] Has anyone talked with an estate planner or financial advisor? AL is so costly and MIL only has 400kish? Someone needs to be considering Medicaid lookback and possibly selling now. What if MIL doesn’t die in 3-4 years? Sorry to be blunt or seem as if I’m wishing death on her, but these are things you have to consider. Who is going to pay for her AL and SNF if she lives 10 years?

The whole saga strains credulity with all the twists and turns about siblings getting a deal/not getting a deal. IDK. If you’re real you need to tell your husband no joint assets go into this asinine plan, and if there’s a better plan, and it involves your money you need a post-nuptial agreement immediately.[/quote]

Agree. Not only dumb, but maybe impossible. We have a HELOC and had to submit almost as much paperwork as we did for the mortgage. The lender wants you to pay back what you borrow. The house is collateral, but the lender doesn't want to foreclose - it's like another mortgage. I don't see how MIL is going to be able to demonstrate an ability to make monthly HELOC payments.

OP, I wouldn't worry about this too much. Your husband and his siblings are going to rapidly reach the conclusion that the cabin must be sold. You may have another issue on your hands if he wants to go in on it with his sister, but that's an issue for another day.

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