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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116716
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I own my half million dollar home at right...paid cash (stupid

Customer Question

I own my half million dollar home at right...paid cash (stupid I see now) but I lost all my savings with Morgan Keegan and owe IRS($50,000 penalty...uggg didnt realize) for taking what money I had left out to survive.I am not 62 to qualify for reverse mortgage. I'll be 60 Set 20th. I honestly can't work as I have a mom with dementia alzheimers (83) and I'm an only child plus I still have one child I'm still raising who is 14. Do you see any way for me to get help without selling which will flip everything upside down.
Submitted: 2 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. You should be able to take a home equity loan if you have no mortgage on your home, since the home would secure the loan and you could take out the loan to cover the IRS penalty and some needs to sustain you for awhile. That is the first thing you can do, not a reverse mortgage but a home equity loan.Second, you say, "I honestly can't work," but that is not true either, because there are numerous programs available for people with Alzheimers which many people avail themselves of and which would indeed allow you to work and have your mom cared for at the same time. There are daycare programs through the local senior centers and also through social services and medicaid you can get home health aides to sit with your mom while you work. Also, if your mom needs it there are long term care facilities (but that is an option for when her condition gets worse). I know you may not want to hear this, but you can get her a caregiver and go to work, so to say you cannot work because of her would not be correct because there are alternatives and you would NOT be a bad child for getting her a caregiver or putting her in a daycare facility. So, I would consider getting an equity line of credit on the home and consider also contacting social services about programs to get your mom an in home caregiver or to put her in a daycare so that you can free up yourself to go to work and not worry about how you would pay back the home equity loan. I know work is hard to find, but it is out there and while you may not make high dollars, if you want at least something that is enough to pay the equity line of credit back, it may take some time (which is why I said to take out enough on the equity loan to cover the IRS and your living needs for a few months), but I am sure you will find something that will at least bring in enough income to repay the loan monthly. The only other option is the one you do not want, which is sell the home (because you would not qualify for bankruptcy more than likely).