Reverse mortgages are not the boogeymen that some say. At least not all of them. The problem is that people who need them have often gotten themselves into an asset depletion spiral. Maybe take a look.
I would stay out of buying the house or whatever you were thinking with the trust. It's a huge burden. Are you going to keep the place up, also? What happens if she doesn't pay her taxes? What happens if she needs in home care? Once you turn on the money tap it can be difficult to shut off.
Right now, she has some equity left. Selling and renting might allow for more comfort in her final years. She may not be able to remain in a house with no assistance for long anyway.
I would stay out of buying the house or whatever you were thinking with the trust. It's a huge burden. Are you going to keep the place up, also? What happens if she doesn't pay her taxes? What happens if she needs in home care? Once you turn on the money tap it can be difficult to shut off.
Right now, she has some equity left. Selling and renting might allow for more comfort in her final years. She may not be able to remain in a house with no assistance for long anyway.
Statistics: Posted by whodidntante — Fri Mar 29, 2024 11:29 pm