T my elderly parents and sick are second mortgage / loan for your home?

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The parent company name. Married 30 years with our stepfather. The house is paid. They 2500.00 MB, SD (sec. & His pension) Our brother is now engaged in their finances and said they have no money and wants to get their second mortgage / home loan . My mother is leaving home for their children .. This was agreed during their marriage, the family’s first home after her youngest child, became the 18th Stepfather is a will, but we did not see it.They are both 82 and very poor health. Bills, taxes, groceries, cable and utilities, health insurance, the stepfather, mother, and the Wisconsin health plan for some of the drugs they are paying out of pocket, as . ~ We believe that our half-brother tries to make some easy money and are afraid of our mother, he is obliged to conclude a thing for her. They are not too old and too sick to get another, even mortgage or loan? And if not, what can we do to prevent this? Thank you in advance for any help you can give us and take time to read our questions.

  1. Reply
    January 20, 2011 at 8:05 am

    They aren’t likely to qualify for a second mortgage. But if they have sufficient equity in their home, they might qualify for a reverse mortgage.

    And you’re probably right to question your step-brother’s motives.

  2. Reply
    January 20, 2011 at 8:46 am

    I would absolutely look into a reverse mortgage in that situation, they could get monthly payments or a lump sum of the equity. Only down fall (as you said home goes to the kids) – the home will go to the bank in the event of their passing or if they move. Also, a reverse mortgage will be (if they decide to do that) the only type of mortgage they can have on the home, they can have multiple reverse mortgages, but not reverse and refinance or reverse and 2nd mortgage – just reverse mortgage/s.
    Good luck, and help them look into a reverse mortgage if you can (sounds like one handling their finances is steering them wrong – very sad). At their age and health they deserve financial peace of mind.

  3. Reply
    Ben G
    January 20, 2011 at 9:42 am

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