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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][quote=Anonymous]Why don't you and your sibling pay it off?[/quote] What would keep OP's spendthrift but mentally competent dad from getting a reverse mortgage anyway? Or acquiring some other new debt to get a quick pot of money to support his lifestyle? Do not throw good money (yours and sibling's) after bad when there is no way to control his spending. [/quote] I didn't see anything about him being spendthrift. Op said he retired a little early, this loan is decades old, and he'd been paying what he was rrequired for the interest. He has cash savings. It sounds like the mother died early and its difficult for him to pay the loan principal on just his SS without touching savings. Op can decide but for me, this guy doesn't sound terribly irresponsible. [/quote]
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