Posted by Lisa in Oz on June 02, 2000 at 19:45:06:
Having to deal with an aging grandmother is sort of like dealing with a little girl. I never thought I’d have to go through something like this.
I have learned something however, when you don’t have a “nest egg” your choices become very limited when you are older. Watching it happen to someone you love is difficult, but motivating at the same time.
Enjoy your summer.
Lisa Charles (from chilly Oz)
What would you do with your Grandma? (long) - Posted by Lisa in Oz
Posted by Lisa in Oz on June 02, 2000 at 04:31:00:
My Grandfather died in 1991 and my grandmother ended up buying the house next door to my parents. My parents have just bought a house in a better (safer) area and now my G’ma will be left on her own and I believe the stress of this will be her end. I would like to help her out and have some ideas, but would like to get some outside opinions–she’s not just “Grandma”, she’s one of my best friends.
She owns her home free and clear and the place is worth approx. $87,000. What she needs most is monthly income.
My idea would be to sell with owner financing and find her a condo or something where she would no longer have the expense of running a 3 bedroom home with a pool.
I’m sure that my wish for her to be happy is making this cloudy for me–any suggestions?
Lisa Charles
“Lisa in Oz”
Re: What would you do with your Grandma? (long) - Posted by Glynn-va
Posted by Glynn-va on June 02, 2000 at 15:12:19:
Lisa, while I am no expert by any means, the first thing that springs to mind would be for your Grandmother to apply for a viatical or reverse mortgage which gives monthly payments based on value and equity of the property. Then rent it out and receive two monthly payments on the same house. Morgtage lender shouldn’t care as long as the property is maintained in good condition.
Post this ? on the main msg board and I’m sure you will get many other suggestions.
Regards.
Re: What would you do with your Grandma? (long) - Posted by Carol
Posted by Carol on June 02, 2000 at 07:32:33:
Lisa, what would SHE like to do? Would she be happy in a condo? Spend some time wiht her on the subject, and once you have come to an understanding, the path may be more clear.
Another option would be to sell her house for cash and invest in something with a better yield than the paper you would have been holding from the sale (like a discounted note!).
Good luck. Been there. Done that. But for my parents.
Carol
Re: What would you do with your Grandma? (long) - Posted by Ron
Posted by Ron on June 10, 2000 at 24:16:27:
Sorry, but current participants in the RAM [reverse annuity mortgage] programs are HUD, Capital Holding Corp. of Louisville Ky and The Providential Home Income Plan Inc. of San Fran, Ca. require that the homeowner live there while they are alive and well and not in a nursing home.
Thanks Glynn–something to think about. (nt) - Posted by Lisa in Oz
Posted by Lisa in Oz on June 02, 2000 at 19:48:40:
nt