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Okay, I will throw it out there: ....What if the 91 year old is making up his assets, income, house-value or number of kids? Does your mom believe everything he says? Not saying he doesn't have these things but she knows his financial numbers that he provided. Are those numbers accurate? How long has she known him? If years, it's likely true. If months or weeks, Warning!
Okay, I will throw it out there: ....What if the 91 year old is making up his assets, income, house-value or number of kids? Does your mom believe everything he says? Not saying he doesn't have these things but she knows his financial numbers that he provided. Are those numbers accurate? How long has she known him? If years, it's likely true. If months or weeks, Warning!
I'm still wondering why a 91 yo man only has 150K equity in his house. My question is how much does he owe? How long has he been retired? Is he eating his seed corn?
I'm still wondering why a 91 yo man only has 150K equity in his house. My question is how much does he owe? How long has he been retired? Is he eating his seed corn?
More likely they live in an area where house values aren't that high. OP said her mother's house is worth 220K, so a smaller or older house somewhere in that vicinity may very well be worth 150K.
More likely they live in an area where house values aren't that high.
OP said her mother's house is worth 220K,
so a smaller or older house somewhere in that vicinity may very well be worth 150K.
Beware of mixing up market value with equity ... which I think was done earlier.
I'm still wondering why a 91 yo man only has 150K equity in his house. My question is how much does he owe? How long has he been retired? Is he eating his seed corn?
I still can't believe a 91 y.o. is trying to buy a new house. Too many old memories, huh?
I still can't believe a 91 y.o. is trying to buy a new house. Too many old memories, huh?
I was 64 when we bought this place. Memories had a lot to do with it since I had owned a home for all but a few years since i was 27. It was the way to live for us. If I had given it more thought I would have gone condo or apartment. If we were to move now it would be something like a retirement community with associated elder care.
I was 64 when we bought this place. Memories had a lot to do with it since I had owned a home for all but a few years since i was 27. It was the way to live for us. If I had given it more thought I would have gone condo or apartment. If we were to move now it would be something like a retirement community with associated elder care.
A one bedroom in a retirement building that provides one meal a day is running 6000 a month in my community.
SIL figures he can put all the geezers in his family in the same place and hire nurses for less money.
We downsized at 74 and remodeled creating an age in place house. I can't think of anything worse than being trapped in a geezer place with people I have nothing in common with besides age
A one bedroom in a retirement building that provides one meal a day is running 6000 a month in my community.
SIL figures he can put all the geezers in his family in the same place and hire nurses for less money.
We downsized at 74 and remodeled creating an age in place house. I can't think of anything worse than being trapped in a geezer place with people I have nothing in common with besides age
Yes, I get it. Your feelings are why the FIL and his wife did not move there ten years ago when he put money down on the place he lives in alone now.
Given the cash on hand, I would retire to a cruise ship:
1. Food is better
2. New scenery every day or so
3. New friends every week
4. Cheap drinks
5. Bring along a pretty nurse and everyone thinks you are a billionaire
6. If you fall, it's their fault
7. In the long run, it's cheaper
8. Decide to marry, the Captain performs the ceremony for free
9. No matter where you go, they always bring you home
and best of all:
10. When you die, no expensive funeral, they bury you at sea!
There's also Medicaid-paid long term care planning to consider.
Very timely thread and especially this comment. My 92 yr old mother told me this week that she is planning to marry her 96 yr old boyfriend from the assisted living place where they both live. Unfortunately, her mental health has deteriorated to the point that she must be moved soon to a facility that can handle a person in her condition. She has zero assets and her SS is $2100 a month less than the cost of her current facility and about $5600 less than the new facility. We applied for Medicaid assistance for the memory care facility two weeks ago. If she were somehow able to get married without my knowledge her qualification for Medicaid assistance could disappear. The extra $5600 a month needed for her care at the new facility should this happen would be rather impactful.
Thank you, Geoff, for mentioning this. I was laughing about the marriage idea yesterday and today I'm terrified.
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....What if the 91 year old is making up his assets, income, house-value or number of kids? Does your mom believe everything he says? Not saying he doesn't have these things but she knows his financial numbers that he provided. Are those numbers accurate? 
How long has she known him? If years, it's likely true. If months or weeks, Warning!
