Hi everyone. I've never posted on this subreddit, so bear with me. I am completely financially independent of my family at this point in my life, and have been since I was roughly 21. Unfortunately, my mom has never been great with money. My step dad of 12 years was diagnosed with 6-12 months to live about 9 months ago, and for whatever reason, the two of them have not discussed the logistics of what will happen with their finances when he passes away. Knowing him, I wouldn't doubt that he has it all worked out with a lawyer, but I'm nervous for my mom knowing how uncertain her future is.
Of course I'm devastated by this emotionally, but I'm here for practical advice. She hasn't worked for the last decade roughly, and she will be supporting my brother for the next two years minimum until he graduates high school on top of all of our bills. What is the best way for her to keep afloat?
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There is currently 100k left on her mortgage. There is a large yard and a swimming pool that require a lot of maintenance. I would estimate that her house could sell for 300k. I don't quite understand how selling a house to buy a new one works. Would she be able to sell this house and downsize to something else to avoid paying a mortgage? I'm sorry if this question is really basic, but I'm just now starting to research owning a home for myself and I'm still growing to understand mortgages when it comes to switching to a new property.
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My step dad now has very little money to his name due to medical expenses. How does life insurance work in this circumstance?
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Has anyone been in this situation in the past? Is there anything she should be aware of that she may not already know by now? What would be the best suggestion to give her to handle all of this in a highly emotional time?
I hope this is a relevant sub for this, and I really appreciate any and all answers.
Submitted June 19, 2017 at 03:23PM by Uphighinthetrees http://ift.tt/2sIBglI
