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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4517
Experience:  35 years tax and professional advice in all matters money
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I am 84 my husband is 81 and we are both disabled and I

Customer Question

I am 84 my husband is 81 and we are both disabled and I bought good Medicare supplemental health insurance when I retired. Thanks to Obama the only good health care now is welfare. We are in the process of remodeling our house which is on the historical register for wheelchair use. We pay $500 a month for supplemental insurance, 20% of all other medical costs and over $30,000 a month for household and nursing help. This leaves us buying our clothes etc. at thrift stores. Our golden years are tarnished. Any suggestions?
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

Sadly, no one realizes how quickly resources can be used up in retirement until it happens to them. I suggest a reverse mortgage.

The value in your home supports a loan that can be used as you see fit. There are a number of types, from line of credit to a lump sum. Given your ages, you could likely see most of the current value of your home. There is no debt service required, and you keep your home until the last one leaves. It is then sold to pay off the reverse mortgage.

I was not a fan of the products until seeing more of them recently. They have improved in how they treat the homeowners, and the fees have come down as more lenders have entered the market.

If you borrowed money to remodel, the reverse mortgage pays that off, as lenders insist on a first position for their loan.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.