Posted on: 09th Aug, 2009 11:18 am
My Mom is in very poor health and also has Alzheimer's. While the previous plan was for her to move into an apartment built as an add-on to our home, recent developments in her health have caused us to shelve that idea.
To be provided the care she needs, she moved into an assisted living home about a year ago. I am still paying her utilities and upkeep expenses on her home, along with her assisted living expenses, insurances, some medical bills and her prescriptions, which are over $1000 a month during the "gap".
I have almost exhausted her savings the past year paying the difference in her SS and these expenses, leaving her with enough $ hopefully for one more year, and don't know what to do next. Her home is paid for. Would she qualify for a reverse mortgage even though she is not living there?
Thank you for any advice or suggestions.
To be provided the care she needs, she moved into an assisted living home about a year ago. I am still paying her utilities and upkeep expenses on her home, along with her assisted living expenses, insurances, some medical bills and her prescriptions, which are over $1000 a month during the "gap".
I have almost exhausted her savings the past year paying the difference in her SS and these expenses, leaving her with enough $ hopefully for one more year, and don't know what to do next. Her home is paid for. Would she qualify for a reverse mortgage even though she is not living there?
Thank you for any advice or suggestions.
Didn't you submit this question already?
No.
I have never submitted this question or any other question. I stumbled on this site doing a search yesterday.
If I had submitted the question already, I wouldn't have wasted my time submitting it again.
I was hoping to get some help and answers - as apparently others are. I'll find my answers somewhere else.
Did you ever think that maybe there could be more than one person in this situation?
Seriously eric, if you're here to help, then just help.
I have never submitted this question or any other question. I stumbled on this site doing a search yesterday.
If I had submitted the question already, I wouldn't have wasted my time submitting it again.
I was hoping to get some help and answers - as apparently others are. I'll find my answers somewhere else.
Did you ever think that maybe there could be more than one person in this situation?
Seriously eric, if you're here to help, then just help.
nadaklew, eric is a well-respected member of the community here. in his defense, i have to note that we have questions posted on numerous forums at the same time, and it becomes not just tedious, but downright confusing when that happens.
you pounced, i believe, when all that was needed from you was a rather simple "no."
i wish i could do more than simply scold you, but i don't have the answer to your query myself. i will, however, try to get enough information to provide you with an answer later.
please be patient with us - the preponderance of multiple postings (and in this case, i mean the same person posting numerous times) makes it difficult to keep track and brings about lots of confusion.
you pounced, i believe, when all that was needed from you was a rather simple "no."
i wish i could do more than simply scold you, but i don't have the answer to your query myself. i will, however, try to get enough information to provide you with an answer later.
please be patient with us - the preponderance of multiple postings (and in this case, i mean the same person posting numerous times) makes it difficult to keep track and brings about lots of confusion.
here's question #2 from the faq on the hud website:
2. can i qualify for fha's hecm reverse mortgage?
to be eligible for a fha hecm, the fha requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. you are further required to receive consumer information from an approved hecm counselor prior to obtaining the loan. you can contact the housing counseling clearinghouse on (800) 569-4287 for the name and telephone number of a hud-approved counseling agency and a list of fha-approved lenders within your area.
based on that answer, i have to believe that your mom wouldn't be able to qualify for a reverse mortgage, inasmuch as she no longer resides there. further, though not covered in this q&a, one of the stipulations for when such a loan must be repaid is to have vacated the home for a year or more. you noted she moved out over a year ago.
it seems the best bet is simply to sell this property and use the proceeds thereafter for her care.
it's not a fun topic, and it's not a great answer to get to your question, but i hope you can resolve the situation to your satisfaction at your earliest opportunity. i suppose, if you have power of attorney, that you might be able to refinance the home and obtain some cash that way. in that case, i suggest you discuss that with legal counsel.
2. can i qualify for fha's hecm reverse mortgage?
to be eligible for a fha hecm, the fha requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. you are further required to receive consumer information from an approved hecm counselor prior to obtaining the loan. you can contact the housing counseling clearinghouse on (800) 569-4287 for the name and telephone number of a hud-approved counseling agency and a list of fha-approved lenders within your area.
based on that answer, i have to believe that your mom wouldn't be able to qualify for a reverse mortgage, inasmuch as she no longer resides there. further, though not covered in this q&a, one of the stipulations for when such a loan must be repaid is to have vacated the home for a year or more. you noted she moved out over a year ago.
it seems the best bet is simply to sell this property and use the proceeds thereafter for her care.
it's not a fun topic, and it's not a great answer to get to your question, but i hope you can resolve the situation to your satisfaction at your earliest opportunity. i suppose, if you have power of attorney, that you might be able to refinance the home and obtain some cash that way. in that case, i suggest you discuss that with legal counsel.