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Speaker's Corner / Aging/Infirm Parents
|Subject: Re: Reverse Mortgage & Grandparents||Date: 4/18/2005 5:01 PM|
|Author: LucyM||Number: 135 of 150|
I've looked into Reverse Mortgages for myself and found them to be prohibitively expensive for what I'd receive each month. In my case, based on a house value of $450,000. I'd receive less than $200. per month and the cost would be between $13,000. and $17,000. which could be folded into the loan so that there would be no up front costs at all. Age is a factor, as well.
It doesn't cost anything to get info, and you can usually get this easily via telephone, so I'd call a couple of places (banks) that do reverse mortgages. AARP has a lot of info. online.
How much could your folks get if they sold their house and moved into an assisted living home? Or moved into your home and hired help? It isn't easy to get live-in help that you are happy with, my SIL and Brother are dealing with this now...they're on there third person now, and quite happy with her. Your community should have an Elder Care division in the govt. Try calling around to your County or City information offices. The more information you have, the better prepared your family and your inlaws will be to make the best choice.
Good luck! And please let us know what you find out.
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