I handle all of Mom's finances and I'm an only child. She saved well and owns her own home, but now with 24/7 care costs her cash finances are down to about 5 months. I do not expect Mom to be with us more than a couple more years. Her home could be worth at least $350,000. In your experience, what are the pros and cons of each of the above methods of getting an influx of cash to pay her living expenses. She gets a good amount of Social Security and should soon also be getting VA Aid and Attendance. Thanks for the help.
Unless she develops dementia or needs serious medical intervention she will stay in that housr.
I've spoken with our elderlaw attorney. She says there are pros and cons on all fronts regarding taking money out of the house, which might rewrite changes in the family Trust and to look at all options.
Chicago1954, above, had a good idea of renting out the house.... have someone recommend a Realtor who can set a good monthly rental price and who can find qualified tenants. Renting is good if your Mother doesn't mind being the landlord [with you overseeing everything] or hire a residential property management group where the company collects the rent and deals directly with the tenant.
Can you sell the contents and rent the home?
My mothers own home is sitting full of her stuff, because she won't liquidate.