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Reply to "Parents out of money at 75"
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[quote=Anonymous][quote=Anonymous]Someone mentioned it already - a reverse mortgage. It is a real and effective tool designed specifically for people like your in laws. It is called HECM, US government backed reverse mortgage. Given their age they should be able to get about 50% of their house value as a loan. They will not be required to pay either interest or principal on the loan as long as they occupy the house. But the principal and accumulated interested would become due the moment they leave the house. If they die and you inherit the house you would have to repay the loan or turn the house over to the bank. Worst case financial scenario for you just don’t get the house. [/quote] Nope--you sell the house and move them into a cheap 1 bedroom apt/condo with low fees. They don't get to choose/complain as they ran out of $$$ at only 70/ S[/quote]
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