This Week's Question: Help needed to keep elderly parents in their home without going broke
"My elderly folks live on a 46 acre rural property in WA. It's lovely but they have had it for sale for 9 years as NO ONE is buying...They took out a reverse mortgage when they first put it on the market, thinking they would sell the property shortly after...BUT the mortgage it is eating away at their equity, as it costs a lot to maintain the property - especially on a pension. Mum recently became very sick and has been in hospital for 5 weeks. And Step-Dad, at 82, is trying to run the house, let alone the property by himself. They live 9km from the nearest town, 50 minutes from their doctor and the hospital. I need advice about where to go to find assistance for them. As they (and the bank) own their only asset - that they can't sell, they are limited with the assistance they can receive. I'm sure they're not alone. We live in the city, our house is small and we have a young family. We've offered for them to move in with us but they would like to maintain some independence if they possibly can. Any suggestions would be gratefully appreciated. Thank you."
Do you have the answer?
If you have a suggestion or idea for Lyn let us know by leaving it in the comments below. We'll enter your answer into our Tip of the Week competition, with a one-year membership to the Cheapskates Club as the prize too.
19/10/2017 05:36:53 pm
Is it worth talking to a really good adviser, I have the name of a person if you are keen to get some better advise there are no lerks or joining fees or catch 22s just ring David 0418 421 302 I am assuming when you say WA that you mean Western Australia
3/5/2018 10:43:56 pm
I wonder if they can let a portion of the acreage, eg big lot 40 acres or several smaller lots, for others to use: for animals, farming, camping.
19/6/2018 08:46:27 pm
Volunteers Of America, a nation wide organization for the eldery has a program called the Pace program. For continued in home care, they will attached the lien to your home, and I believe your both allowed in live there, Another possibility is if either was a war time veteran and has illiness which occurred during the war, they can ask the Veterans Assocation to process your request for a monthly disability pension check.
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