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? Help! Steve
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