What is the name of your state? FLA.
My parents have a reverse mortgage, 2 months ago they took most of the equity out (80k) in order to pay some bills for home health care services that were mounting.( 17k remains in the equity with the bank) we had started to need 24 hr care at home for my mom, who's also very ill , months prior it was only 8hrs. a day for 5 days a week...almost manageable with my help…. my father decided to take the reverse equity out to help pay…he said that by the time it runs out we’ll be ready for medicaid…Well, best laid plans…it didn’t happen that way… Last month my dad fell and came out of the hospital in bad shape, The situation changed drastically …all of a sudden his mind was no longer as sharp as before… My sister and I decided to move them (in the hopes of it being temporary) closer to her into an assisted living facility in another state...we promised they'd go home mid summer but we now see that it's impossible for them to return home without 24 hour assistance and they should stay where they are. They owe the bank 186k, sale prices are down horribly in Fla.and i think we could sell but only 120k-130k...meanwhile I'm paying the assoc. fees and expenses of the place till I figure out what to do... the question is ..do i (they) just walk away and let the bank foreclose, do i call the bank and let them know (we have 6 mo. after they're out of the house to notify the bank.Do I hire an attorney to deal with it? They have no other money except their SS and a VA benefit and I'm using the money from the rev mortgage to supplement the cost of the assisted living place we have them in....and I'll need that to give them a few years of dignity and the assistance they need.... I'm already paying for their meds (moms already maxed for part D this year) and supplemental AARP ins. and now the condo fees (4800- a year) for their Fla. place. I don't know what to do...it's all in their name...I don't care about their credit...just being able to provide for them for a few more years while they still have some of their mental facilities..but physically they're a wreck.. regarding the money they took of which 60k is left and in the bank for their use....I was told to gift each of us 12k each (4 of us) and we did, and then established an account for the money in my sisters and my name to filter into their accounts to pay the bills at the facility, which is what we're doing...Neither of us wants any money from them...we just want to keep them where they are and cared for....What would be the best route to go, I'm afraid to just hire a lawyer as i know it's costly and don't want to spend what little they have for the wrong reasons...If we walk away can they attach their SS or vet benefits? They are now incapable of handling their own affairs and I've been saddled with it all... any advice would be so very helpful..Thank you!What is the name of your state?
My parents have a reverse mortgage, 2 months ago they took most of the equity out (80k) in order to pay some bills for home health care services that were mounting.( 17k remains in the equity with the bank) we had started to need 24 hr care at home for my mom, who's also very ill , months prior it was only 8hrs. a day for 5 days a week...almost manageable with my help…. my father decided to take the reverse equity out to help pay…he said that by the time it runs out we’ll be ready for medicaid…Well, best laid plans…it didn’t happen that way… Last month my dad fell and came out of the hospital in bad shape, The situation changed drastically …all of a sudden his mind was no longer as sharp as before… My sister and I decided to move them (in the hopes of it being temporary) closer to her into an assisted living facility in another state...we promised they'd go home mid summer but we now see that it's impossible for them to return home without 24 hour assistance and they should stay where they are. They owe the bank 186k, sale prices are down horribly in Fla.and i think we could sell but only 120k-130k...meanwhile I'm paying the assoc. fees and expenses of the place till I figure out what to do... the question is ..do i (they) just walk away and let the bank foreclose, do i call the bank and let them know (we have 6 mo. after they're out of the house to notify the bank.Do I hire an attorney to deal with it? They have no other money except their SS and a VA benefit and I'm using the money from the rev mortgage to supplement the cost of the assisted living place we have them in....and I'll need that to give them a few years of dignity and the assistance they need.... I'm already paying for their meds (moms already maxed for part D this year) and supplemental AARP ins. and now the condo fees (4800- a year) for their Fla. place. I don't know what to do...it's all in their name...I don't care about their credit...just being able to provide for them for a few more years while they still have some of their mental facilities..but physically they're a wreck.. regarding the money they took of which 60k is left and in the bank for their use....I was told to gift each of us 12k each (4 of us) and we did, and then established an account for the money in my sisters and my name to filter into their accounts to pay the bills at the facility, which is what we're doing...Neither of us wants any money from them...we just want to keep them where they are and cared for....What would be the best route to go, I'm afraid to just hire a lawyer as i know it's costly and don't want to spend what little they have for the wrong reasons...If we walk away can they attach their SS or vet benefits? They are now incapable of handling their own affairs and I've been saddled with it all... any advice would be so very helpful..Thank you!What is the name of your state?
