I was recently contacted by a family friend who I have not seen in years. He was shopping at the grocery store and happened to see a mutual friend of ours. This mutual friend was updating him on the condition of his mom who was living alone since dad had died 10 years earlier. Her health was declining and he had arranged for home care. The home care was getting very expensive and while he was supplementing the cost, he could not continue to subsidize her care. He had suggested that she come to move in with his family, but she refused. He suggested to his mom that they sell the house and move her into a retirement home.
His mother became very angry and retorted, “You are not going to shove me into some old age home where I will rot. I will stay in my home!”
He wants to respect her wishes, but when he did the math, he could not find a way to continue to financially support her to remain in her home. My friend asked me if I could help our mutual friend find some money to help his mom continue to live in her home.
After much discussion with our mutual friend and reviewing several options, he and his mom decided on a reverse mortgage. For this particular situation, there were a couple of reasons why it made sense. His mom was 80 years old, her children and grandchildren were financially secure and were not expecting an inheritance, the home was in excellent condition and in east Toronto.
He had never heard of a reverse mortgage. I was glad that I could help and ease his panic and fear of how he would help his mom. This is the best part of the service I provide, to support and help people deal with what life presents.