friends mom just died - the dad found her sitting in a chair dead. They own 3 buildings (business buildings - but not rented out however in prime section) and a house - however they have bad credit.They did not carry mortgage insurance. I dont know what to tell this friend as she is devasted from this. They need almost 10,000. None of the buildings are paid for either and the dad only gets social security. I thought maybe they could mortgage the house or something to handle the cost but I dont know. I personally have life insurance to cover this kind of stuff. Anybody have a clue as to what to do here or suggest?
2007-02-12 22:35:36 · 6 answers · asked by bufalo1501 2 in Business & Finance ➔ Personal Finance
Assuming your friend's dad is 62 or older, he is probably eligible for a reverse mortgage. Depending on how much equity he has in the home, a reverse mortgage would help him pay for the funeral costs and would give him a source of tax-free income. There are numerous pros and cons to consider - you can get more info about reverse mortgages at:
http://reverse.mortgageous.com/
.
2007-02-15 11:33:16 · answer #1 · answered by jtlyr 3 · 0⤊ 0⤋
What a sad situation! If there is any equity available, a mortgage company will issue a home equity line of credit against the house. However, I'm not sure that's the wisest thing to do. They'd be better off scaling down the funeral so they don't have an event that they can't afford. A small memorial service at a church would be much cheaper than a big fancy funeral. The funeral business is a big rip-off. They prey on people's emotions and get the family to spend more than they can afford. I suggest that they talk to someone at their church and try to get that price down to something they are more able to afford.
2007-02-12 22:49:18 · answer #2 · answered by SuzeY 5 · 0⤊ 0⤋
They could tap into the equity in the home, and get a HELOC. If they have bad credit, they would need to check with a mortgage broker for that. I know of some if you need referrals. Also, with using a HELOC, they may be interested in this new program. It works well with a 30, 20, or 15 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years, and also is helping me payoff some other debt as well.
2007-02-15 00:29:42 · answer #3 · answered by marshae 1 · 0⤊ 0⤋
If the spouse is on social security and there's any question about making payments on the houses, being that none of them are paid off, it might be wisest to sell at least one of them rather than re-finance and get into more debt.
2007-02-13 11:08:31 · answer #4 · answered by calliope320 4 · 0⤊ 0⤋
in case you do not have an emotional connection on your uncle i'd bypass to my bff mom funeral... you look to love this individual lots... if its ok w/ your kinfolk and they comprehend then bypass to the moms funeral yet i'd get my kinfolk's blessing in the previous i basically ran off...
2016-12-04 03:05:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah. Stay out of it. It's not your business. Send flowers, offer your condolences, make visits/attendance as appropriate, and that's all.
2007-02-12 22:45:32 · answer #6 · answered by bullwinkle 5 · 0⤊ 0⤋