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Family Life / Taking Care of Parents

URL:  http://boards.fool.com/a-few-years-ago-she-took-out-a-reverse-mortgage-30260879.aspx

Subject:  Re: Revisionist History Date:  9/13/2012  2:59 PM
Author:  TMFPMarti Number:  5589 of 6313

A few years ago she took out a reverse mortgage on her house. If she moves out, she has to sell it and give the proceeds to the company she did the mortgage with. The house is not in an area that will allow her to sell it as a residence. The best she can hope for is to sell it as commercial property, but even then, she won't get as much out of it as she owes against it.

As I understand reverse mortgages, that's the mortgagee's problem, not hers.

So if anything happens to her, I will have to move her in with us.

No, it sounds like she may wind up in some sort of facility with Medicaid picking up what she can't pay.

But as they say, you can burn that bridge when you come to it.

Phil
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