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Home in Mom’s name. Married to our Step-dad for 30 yrs. Home is paid for. They receive 2500.00 mo, (soc. sec. & his pension) Our step-brother handles their finances & now says they have no money & wants them to get a 2nd mortgage/loan on this home. Mom has a will leaving the home to her children..this was agreed upon when they married, his 1st family got his home after the youngest child became 18. Step-dad has a will but we have not seen it.They are both 82 & in very poor health. Bills are taxes, groceries, cable & utilities, health insurance for Step-dad, Mom is on Wisconsin’s state health plan & some medications they pay out of pocket also. We think our Step~brother is trying to make himself some easy cash & are afraid he will trick our Mom into signing for this. Aren’t they too old & sick to even qualify for another mortgage or loan? And if not, what can we do to prevent this from happening?
Thank-You in advance for any help you can give us & for taking the time to read our questions.

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3 Thoughts on Can my elderly & sick parents get a 2nd mortgage/loan on their home?
  1. Reply
    Judy
    February 1, 2014 at 1:15 pm

    They aren’t likely to qualify for a second mortgage. But if they have sufficient equity in their home, they might qualify for a reverse mortgage.

    And you’re probably right to question your step-brother’s motives.

  2. Reply
    Sam
    February 1, 2014 at 1:22 pm

    I would absolutely look into a reverse mortgage in that situation, they could get monthly payments or a lump sum of the equity. Only down fall (as you said home goes to the kids) – the home will go to the bank in the event of their passing or if they move. Also, a reverse mortgage will be (if they decide to do that) the only type of mortgage they can have on the home, they can have multiple reverse mortgages, but not reverse and refinance or reverse and 2nd mortgage – just reverse mortgage/s.
    Good luck, and help them look into a reverse mortgage if you can (sounds like one handling their finances is steering them wrong – very sad). At their age and health they deserve financial peace of mind.

  3. Reply
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    February 1, 2014 at 2:06 pm

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