- Mar 4, 2011
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Here's a scenario and I'm looking for the best financial & relationship approach. I don't mind sharing these. I'm researching and will talk to some professionals myself.
Going forward...
- My mom is dead, before hitting SS age, so no benefits carryover; I don't think (Georgia). My dad's current home in ATL is paid off (sale $400k; zillow estimate is $500k) & (2) cars paid off.
- The monthly bills +lifestyle come out to $3000/mo. After dad's benefits/pension; he needs to cover $1700/mo still. (or I need to).
Going forward...
- He offers to will his house to us in return after he dies. OR
- He can 'take care of himself' via reverse mortgage OR
- Wife was thinking we can buy the property from him; he effectively becomes a tenant + amazing caretaker of the property. We can write off all maintenance of that home as the market continues to rise. That $1700/mo we must support him for - he can charge us for that amount for his 'maintenance services'. We can write that off.
- Other options entirely?