Father-son deed legal issues

[awp69]

For what it's worth, I think that you are doing the right thing. Good luck.

Thanks. I really appreciate your help and understanding.

 

[OK-LL]

I think I need to go to a bi-polar support forum. No one here seems to understand that I have absolutely no interest in his home.

If my father was not bi-polar, I would agree with everyone that thinks I should let him get a reverse mortgage, get off the deed, and let him enjoy his final years.

But what may seem "petty" to others, is painful for me. Don't you think I would love nothing more than for my father to have a happy life?

It's not that simple with bi-polar. It isn't just toys and cruises that I worry about. He already has had women, who he wanted companionship with, take advantage of him, sucking thousands of dollars from him. He has spent nights in jail for acting out due to his illness.

This is much more than just a situation of letting a man make his own decisions. It's about his bipolar taking away the ability to make the right ones. And those decisions could have a huge impact on his finances whether anyone here wants to believe it.

But clearly I am in the wrong place. I think I need more help dealing with the emotions that come with all of this than I do with the actual financial part of it.

But you did not ask for advice on the whole of his bi-polar impacted spending, lifestyle, etc. Nor could anyone on a real estate law forum provide you with proper advice on that issue. You asked specifically about a reverse mortgage rendering him destitute and homeless. And that's the question that I, for one, responded to.

And I will add to my previous response, a reverse mortgage would probably work in his favor if the the situation is as you lately describe because it will encumber the property with a superior lien, which will act as a deterrent to other lenders who might offer money in exchange for a secured interest in the property and then foreclose such an interest if he defaults. It would probably work to discourage gold-diggers since an encumbered asset with no residual equity wouldn't hold much interest for a grifter.