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Old 08-31-2014, 05:26 AM
Location: Florida
19,786 posts, read 19,886,317 times
Reputation: 23202


Originally Posted by nmnita View Post
I am not sure people realize how expensive assistant living is and none of it is covered by medicade if the situation gets that bad. I was surprised to learn the cost truthfully.

Yes, op you really need to talk to an attorney and see what can be done for her. If she just needs help getting around check into home health care, maybe just a few hours a day or a few days a week.
...."none of it is covered by medicare"
In many states, Medicaid does assist in the cost of a facility, depending on income/assets.
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Old 08-31-2014, 02:50 PM
93 posts, read 96,864 times
Reputation: 140
hi AlphaBravo.

if your father is still living in the home I wouldn't do anything in regards to the reverse mortgage. even though the home is upside down he can continue to live there mortgage payment free even after your mother moves out.

if your mother is the last person on the reverse mortgage moving out of the house the reverse mortgage comes due. if you're confident the home is upside down you can contact the servicer and tell them you want to do a deed in lieu of foreclosure. speak to the servicer on how exactly it works from there- but I'm pretty sure they'll do an appraisal first. they need that to file the fha mortgage insurance claim which makes them whole from the loss on the loan.

your mom isn't responsible for any loss if the sale of the home doesn't cover the payoff of the reverse mortgage. if the bank (or you) are able to sell the home at a profit however, that money goes to your mother. Once your mother leaves the home I'm not sure if she's still responsible for paying taxes and insurance until the home is sold, I would ask the servicer.

I wouldn't worry about the "maintaining the property" clause if it's just normal wear and tear. however if the reason the house is being sold at a loss is solely because it hasn't been maintained over the years- I'm not sure how the servicer/hfa/hud would handle that.

From my understanding there has also been a recent change in the hecm program that gives direct family members the right to purchase an upside down reverse mortgaged home for 95% of market value. so if the bank does a new appraisal and it comes in at $60k, you as the son can buy the home for $57,000. Not the $78k that is owed on the mortgage.

You may also want to consult with your mothers accountant once the home is sold and the loan is satisfied. I know that since you don't make payments on a reverse mortgage you can't write off the mortgage interest every year on your taxes, however once she pays back all that interest maybe there is some type of tax benefit???

hope that helps,

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Old 08-31-2014, 09:42 PM
Location: Portland, Oregon
9,991 posts, read 16,658,941 times
Reputation: 6399
Many frail seniors live in 'adult foster care' or 'board and care' homes which are cheaper. They are typically single family dwellings where there is someone to look after residents 24/7, prepare and serve meals. They rarely offer much in the way of socialization. In the west they have licenses but based on my MIL's experience you really need to vet what ever one you are considering very carefully.
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