My mother is in her mid-90's and lives in an assisted living facility. She is incapable of managing her medications and/or finances - I am the Trustee for all her affairs. The problem is her expenses exceed her income by $2K/month. Her income comes from a small pension, Social Security and the rental income from her house. The house is worth approximately $750K, is paid-off, in good working order and property taxes are protected by Proposition 13 (the same family has rented it for the last six years). All of her other financial resources (savings, stock, bonds, etc...) have been used up - she only has the house.
I have visited numerous financial institutions and all have told me the owner has to live in the house to qualify for a Reverse Mortgage and/or Home Equity Line of Credit. I do not want to sell the house and lose the rental income (~$30K/year). I would like to somehow slowly draw down on the houses equity until at later date sell it to 1) settle the loan and 2) distribute her estate. The house is in her Trust and for tax purposes the Trust has an Employee Identification Number (EIN).
I have visited numerous financial institutions and all have told me the owner has to live in the house to qualify for a Reverse Mortgage and/or Home Equity Line of Credit. I do not want to sell the house and lose the rental income (~$30K/year). I would like to somehow slowly draw down on the houses equity until at later date sell it to 1) settle the loan and 2) distribute her estate. The house is in her Trust and for tax purposes the Trust has an Employee Identification Number (EIN).