she has about 60k in equity in her place... and nothing else. she needs about 750 per month. the kids are willing to contribute if necessary
2006-08-28 13:29:19 · 3 answers · asked by TIM P 1 in Social Science ➔ Economics
You can buy her house from her and put proceeds in an income fund. You could also look into a reverse mortgage (it requires no money out of pocket, but the bank takes her house after she dies).
2006-08-29 06:21:16 · answer #1 · answered by NC 7 · 0⤊ 0⤋
A reverse mortgage, $60K principal, 8 year term, at 6% interest, will generate about $788.50 per month in cash.
Contact a bank or real estate lender.
2006-08-28 18:15:44 · answer #2 · answered by Tom-SJ 6 · 0⤊ 0⤋
She can sell it to the children for a fair price, and retain a life estate, which allows her to live there for life, and then finance the purchase with a promissory note and deed of trust for a monthly payment of $750,00.
2006-08-28 15:23:56 · answer #3 · answered by Unknown Oscillator 3 · 0⤊ 0⤋