Anonymous wrote:

Anonymous wrote:Real estate attorney here. I have actually closed hundreds of these transactions and I think they are a good deal. You should do the HUD counseling with her. You will see that it is not a scam or anyone trying to take advantage of her.

Interesting. I am a nursing home social worker and completely disagree.

Anonymous wrote:Real estate attorney here. I have actually closed hundreds of these transactions and I think they are a good deal. You should do the HUD counseling with her. You will see that it is not a scam or anyone trying to take advantage of her.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Does anyone know how this would work if my mother has to go to assisted living later? She has also had terrible health problems. It seems to me she will be completely screwed then.

You better get ready to pay up

haha, not going to happen. crazy student loans and maxed out just paying our own mortgage.

Good luck with that!!! Check out the threads here on assisted living costing 7k+ a month. Some states will come after children.

Anonymous wrote:Seems to me, under this president, it's the destitute and rich who got it made. It's middle income suckers like us who are screwed.

That stage was set 34 years ago with the election of Ronald Reagan and the implementation of "supply side" a/k/a "voodoo" economics. At least Obama has made the rich pay a higher share of tax.

Real estate attorney here. I have actually closed hundreds of these transactions and I think they are a good deal. You should do the HUD counseling with her. You will see that it is not a scam or anyone trying to take advantage of her.

Seems to me, under this president, it's the destitute and rich who got it made. It's middle income suckers like us who are screwed.

Anonymous wrote:

Anonymous wrote:Does anyone know how this would work if my mother has to go to assisted living later? She has also had terrible health problems. It seems to me she will be completely screwed then.

You better get ready to pay up

haha, not going to happen. crazy student loans and maxed out just paying our own mortgage.

They are almost always a bad deal.

Anonymous wrote:Does anyone know how this would work if my mother has to go to assisted living later? She has also had terrible health problems. It seems to me she will be completely screwed then.

You better get ready to pay up

How much equity does she have in her house?

My mother got one (without telling me, not that it's any of my business). I'm sure she's burning through it -- she likes to shop and cruise. But I think the max she could ever borrow against the house is $625K, and it's easily worth twice that (it's in Silicon Valley). So, if/when she needs money for something besides designer sunglasses, she still has a bit of a nestegg.

She never saved a dime, so the house is all she has. Not up to me how she "spends" it.

Does anyone know how this would work if my mother has to go to assisted living later? She has also had terrible health problems. It seems to me she will be completely screwed then.

She is so bad with money, and always has been. It makes me really sad.

They are very expensive, although I've heard regulators have cracked down on the sleazy ones.

My MIL was looking into one and frankly to me it sounded like a scam.... I didn't do any research, but I would be dubious.

My financially irresponsible mother is looking into this. Don't want to get involved. But am worried that she will lose out on the only thing she has ever built any equity in. Any advice?