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My mother-in-law and father-in-law are in their 80's. They need a care giver. They have been living with my wife and children for last six months. Grandma is in a wheel chair. Grandpa can barely take care of himself, but they both want to go back to their own home. We are all pretty poor. Grandma and Grandpa have almost no money in bank. Only income is Social Security and a tiny pension.

They own their own home. Estimated value is $200,000.00.
Estimated cost for care giver is $2,500.00 per month.

We have been look into Reverse Mortgage for them. We think this is the ideal solution if they want to live in their own home. Home Equity loan and HELOC (Home Equity Line Of Credit) have also been suggested by others. We have a general knowledge of all 3, but we are not financial experts. We are learning that reverse mortgage will have expenses, including closing costs. Expenses may be thousands of dollars.

What do you think? Which way should we go? What are your experiences or thoughts with this situation? Any help is appreciated.

I refuse to be negative, both both grandparents are in bad shape, and we are guessing they will both live no longer than 5 years. Hope they live 105 years, but we have to try to be realistic.

Believe it or not, I am in favor of trying to convince them to stay with us. It has been a big adjustment for everybody (including our 2 teenage kids). However, they want to go back home. I respect them, but I am not sure if it is safest and most economical route. Thanks.
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