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DiscussionDownsizing, To Move or Not to Move? That is the Question
Aging Well | Last Active: 8 hours ago | Replies (559)Comment receiving replies
Replies to "@mrmj I feel for your mom and your family. You don’t mention how your mom is..."
@isadora2021 thanks for your understanding and opinion. Your father is blessed to have family that is taking turns caring for him. My Mom is off and on health wise, but sometimes I'm not sure if it's more emotional than physical. The Assisted living facility has a full calendar of social events and entertainment, which my Mom enjoyed for a while, but she's so focused on returning home and looks for things to complain about.
You bring up another point about having having all their money in tied up in the house. I've considered looking into a Reveres Mortgage so she can use the equity in her home as she needs it, or get a HELOC (Home Equity Line of credit) that she can use as needed with a low interest rate of 5.99%. The level 3 care at the Assisted living facility is extremely expensive and could run out quicker than if she returned home, and have a live in caregiver that lives there practically rent free in exchange for the care, or even gets paid very little as caregiver.
From what I can seen about the reputable Reverse mortgage lenders, it seems to be a good option.