Posted on: 31st Jul, 2009 05:02 am
My mother has been diagnosed with dementia and has to move to a nursing home. I am 53 yrs old and have been on SSDI for the past 6 yrs. Can I get a reverse mortage on her home and live there so that she is able to get the care she needs. I wish to purchase the home within the next 18 months but am unable to do so right now. Can I do a reverse mortgage for her? I have P.O. A. I want to do this to so that I can keep the home and the money from the mortgage would be used for her care as if I bought the home from the estate and it becomes my own home when i can obtain proper financing myself/
You really need to speak with an estate attorney. One who specializes in situations where assets and nursing homes are involved. The laws in this area are very specific. You cannot just cash out her equity and walk away with the money unless the nursing home expenses are paid in full through some other source.
So, the easy part is getting the reverse mortgage. Where you may get stuck is the laws regarding the transfer of assets under these circumstances.
So, the easy part is getting the reverse mortgage. Where you may get stuck is the laws regarding the transfer of assets under these circumstances.
yergb ,
Welcome to forum
What I have understood from your situation is that you want to take care of your mother as well as you are also looking for a home to live in.
So here comes the solution
You get the reverse mortgage and from that money serve your mother while living with her. In any unfortunate situation (when your mother is no more) the house will be owned by bank and at that moment you need to search for a new home for yourself.
Welcome to forum
What I have understood from your situation is that you want to take care of your mother as well as you are also looking for a home to live in.
So here comes the solution
You get the reverse mortgage and from that money serve your mother while living with her. In any unfortunate situation (when your mother is no more) the house will be owned by bank and at that moment you need to search for a new home for yourself.
yergb, the advice eric provided you with is far more instructive than that which warghader did. you need to speak with legal experts - your mom's dementia may have an adverse influence on what you're trying to accomplish. i understand your desire to do what is best for her, but you want to be certain that you follow the rules and laws that are applicable.
