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Greetings, Spgarg, and welcome. You wrote:

<<My mother-in-law has used up her meager savings and is now relying on the equity in her home to meet living expenses. We looked into reverse mortgages, but through a bank the up front costs were horrendous for a rather limited availability of funds. (Assessed value = $325,000. Funds to be provided = $132,000 over 30 months. Closing costs = $12,000.) My wife and I decided to mortgage it ourselves, and are now starting to fund Mom's expenses, which are mounting every day, as she now needs companion care. She could go on for a few months, or many years in her frail condition. I am concerned that the "arrangement" we have with her other two children, and possibly the State may be exposing me to future problems. Do I need to file a lien with the Town Clerk so I can collect my money with interest after she dies and the house is sold? What if she outlives the house value? Will the State(Title 19) try to take her house - my house then? >>

I urge you most strongly to see an attorney or two. You need advice regarding the real estate venture (i.e., the self-funded reverse mortgage) for sure, and there are other issues that an attorney skilled in elder law can help resolve. I'm sure you wish to avoid that cost, but the money saved in doing so may be detrimental to your financial health. You need qualified legal advice, and that's something you can't get on these boards.

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