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Subject:  Reverse Mortgage Date:  11/9/2015  11:58 PM
Author:  FlippoHip Number:  310084 of 313024

*this is longer than I planned. It's OK to skip to the last relevant paragraph. I bolded it for you.

My mother is talking about a reverse mortgage. She and my dad paid off their mortgage years ago, but since dad's passing, she's just living off social security and her military survivor benefit. My slightly disabled brother lives with her.

It's not the month-to-month expenses that are causing the problems, it's the big stuff, like the house needs a new roof, and the yearly property taxes. Recently her water heater died and it cost her $1000.

Because her income is so low, she doesn't think she'd be able to float a loan payment every month. I don't know what, if anything, she has left from my dad's life insurance payout. It wasn't much to begin with. It had been going down in value every year after he passed 70. I haven't looked at her finances since right after he died, nearly 2 years ago.

My brother receives about $1k a month in disability payments. He, to the best of my knowledge, does not contribute financially to the household. His money is his.
Part of his disability is that he is very disconnected from reality. So I can't talk to him about it because I am part of the huge conspiracy to take all his money and throw him out on the street. Hillary and Bill Clinton, Madonna, Neil Cavuto and The Reverend Jessie Jackson are all out to get him as well. It's a secret society, so don't tell anyone about us.

Mom's never been "good with money". She isn't horrible either, but she isn't a saver. She's almost 80 and I'm not going to lecture her about this. Her bills get paid on time. She isn't out buying frivolous stuff or sending it all to a televangelist. She's just of the mind-set that paycheck-to-paycheck is fine, as long as everything gets paid.

I can't put myself in a position of financially supporting her. I had thought about just giving her a couple of hundred a month, to help, but, I'm afraid once I start, I'll never be able to stop.

I'm also not it a place to just give her a large sum of money right now. Maybe in six moths or so, when I can sell my house (I have renters in it right now), but I don't want to promise anything that I don't have in my hand, this very minute. Who know what the housing market will do.

I feel I should add that she hasn't asked me for anything.

Anywhooooo......She's thinking about taking out a reverse mortgage to put a new roof on the house and to help out with the other stuff. Does anyone have experience with them? Does it sound like she's a good candidate? She doesn't care if they take the house after she's gone. My bother has two grown son's that can help him when that time comes.

**I didn't intend for this to go so long. I guess I had more feelings on the subject that I thought.

***Also excuse any typos or grammar issues. I took some benadryl about an hour ago and I'm very groggy now.
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