I may write another post with more specifics, but here’s the dilemma. Mother is 78, in great health. Has a house that’s probably worth $750K at best (it’s been slowly degrading in equity) and has for the past ten years had no plans of selling even though she cannot afford it.
Problem is she refinanced the house and so if she does sell, she might see less than $50K of that, because some of it will go to divorced husband, some for repairs, and other banking issues done over the years.
She has no income except SS, two renters in the house, and has been for years getting some money from us children who have slowly started to refuse paying for mortgage, repairs, utilities, etc. She has roughly $24K in credit card debt and barely pays for the mortgage or anything as is.
In other words, is it even worth trying to sell? Or should she just try to live it out and die in house? Sorry to be so macabre. Or, get what she can because she also refuses to live in something like a nursing home, and we wouldn’t want that for her either.
But what options does she have for getting a nice place with no income, job, but maybe enough for a down payment? We would chip in if the rent was reasonable, but right now it’s not. We are all very frustrated with someone who refuses to live anywhere but a mansion.
Thank you for any support.
Submitted December 13, 2020 at 11:29PM by OliveOilGreenSleeves https://ift.tt/37fTLlx
