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Home equity is the key, particularly at 73. She may qualify for second mortgage or a reverse mortgage. Some one she trusts and knows this stuff should accompany her.
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As has been mentioned, just throwing money at an issue isn't necessarily going to be a long-term fix. What would need to be ascertained (and that's if she's willing to assist) is to find out what's going on with her finances, debts, spending, etc. That's a professional endeavor that a counselor should be engaged in. Once that information is obtained, it should be clear what her options are. And yes, holding onto a property one cannot afford is not a smart choice. How is this not going to repeat itself when whatever help is offered is spent? To those here asking "where are her neighbors", etc., what, specifically, do you want her neighbors to do? Are you talking about money? Are you talking about repair and cleanup? How would the neighbors help to fix her finances going forward? The poster "Kim" above seems to have the most generous offer of buying the property and renting it back - but again, who knows if this person wants to sell? |
Selling and getting something smaller and more manageable would have been my first choice
I know that's not what prople want to hear. So everyone helps this time what happens after that |
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None of us know the true circumstances behind her troubles. For all we know her financial troubles could come from being taken advantage of by family members or other shysters. This is where a visit from a social worker would be appropriate.
It's truly a sad situation. |
I am in the same situation. Lost my husband's Social Security because of GPO (married 66 years) over $24,000 a year, but bills keep on. Reverse mortgage could help, but if she owes more than $100,000 on her house, I think she has to come up with whatever she owes over that amount to get the reverse mortgage (not sure of this ). I expect she lost all or most of her husband's pension when he died. I could sell my house, but may not, and get a smaller house, but I have animals and other considerations, so probably won't. We don't know the whole situation her (other bills, car loans, etc.). I do feel sorry for her, and she may not have all the mental abilities to conduct whatever needs to be done. If she has family, they should step in and advise her.
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I think it would a be a good idea for oine of her neighbors or a friend to set up a meeting at a nearby rec center to help her out. The meeting could be folks who want to donate money to help get the home fixed up for sale or even folks who could volenteer to work on the home. But she would have to sell the home. This would be a one time fix for her so shee can find a place she could afford.
If any such meeting is evr set up.... COUNT ME IN! Gator Bill |
Well I am very serious, I am very experienced in these types of situations and I am more than happy to help out a woman in distress. If someone has her contact information, please give her my phone number 978-476-1342. If not, I suppose I can knock on her door and if that is the way it goes, I will keep you all posted on the outcome! Have a safe and happy Holiday season.
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She should sell her home and move to a more affordable home.
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retired military pension stops at their death. Social security is probably minimal. She needs to fix her house in order to sell it. This might be too much for her to do alone. Maybe she has children or family members she can ask for help.
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There are a lot of missing details but it does seem pretty clear that the house has gotten to be too much for this lady to maintain. The longer she defers maintenance, the longer she lets things go, the more expensive the repairs will be and the more that will need to be done. She should sell that house and downsize. Maybe she should look at some of the available Independent Living apartments where she wouldn't have to worry about doing any repairs or yard work. She was only in her late 60's when her husband died 8 years ago. Maybe staying in the house made good sense at the time but it doesn't seem to be a great choice for her now. But, again, there are a lot of missing details, this is just based on what we do know about her situation.
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If they opted out of the Survivor Benefit Plan, they get zero military retirement.
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Any sympathy should be directed to the neighbors who have to live next to this woman's choices. |
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You don't put outside money on that kind of situation. You reduce the expense in that kind of situation. And the #1 way to reduce her expenses is for her to sell her house and downsize. Her current home can fetch close to $400,000 on the current market. She needs someone to help her sell her home, and that won't happen until she reaches out to a licensed realtor. The only thing we, on this forum can do, is make that suggestion. Especially since she isn't even the one posting asking for advice, and the person who did ask, doesn't even know this person. |
First of all, when they bought in '03 they had to qualify for their mortgage, if any. If they paid it through his death in '12, they have considerable equity. She needs a social worker who can recommend a financial advisor and any other assist she may need. It is likely this will do little good since the government intervention thus far has not motivated her. I sure would not like to live next door to what is depicted in the photo. In other cases that I have seen like this, physical or mental issues were involved and a social worker may help, if she is even willing to accept their assistance.
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As has been stated, she would only receive about half of what his pension was, if he opted for the Survivor Benefit Plan. And, she would have had to sign that IF they were married when he filed that and/or retired? I'm wondering if that wasn't the case, and this is a second marriage? I signed mine(prior to second marriage), and it cost me about 10% of retirement(for both military and federal civil service). And I just had my house appraised(for refi), and it increased significantly since I purchased it 2yrs ago, so I'm sure that home is worth a bunch!
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She has no money to pay for FUTURE expenses. She can't pay the current ones, she can't pay the ones in the future. So if you help her out today, you'll be fixing today's problems. Who is going to bail her out for the next set? Who will buy her hot water heater when it needs replacing? Who is going to clean her house when she's physically unable to do all that bending and mopping herself? She can't afford to pay $50 a month for someone to mow her lawn. Do you really think she can afford to pay someone to clean her house every week? With what money, if her income is depleted? The #1 best possible thing she can do right now is downsize. She can still live in the Villages. Just not in that house. In her situation, at this moment, that house is a money sink. It will ultimately lead her to bankruptcy. A $400k house - will put her in the poorhouse, so to speak. She can make enough profit from it through downsizing to afford everything she needs. The additional money can be used, if she's prudent, to supplement her social security payments, in covering bills for years to come. She can still live in a lovely house in the Villages, and enjoy whatever amenities she's able to enjoy. But the house has to be worth less, so that she can net that cushion of profit in the sale of her own. |
So because her name is Ingrid
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Oh so very wrong
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I would help with fixing up the house myself if there are cosmetic thing I can do.
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Also why not a reverse mortgage some of my friends took it out to help financially and it was a really big help for them
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If you really want to help ( from your post don't know if you do or are looking for someone else to do it for you) she needs to be advised of available opportunities in our area to provide her guidance. Elder care lawyers ( probably a big list in that phone book everybody threw away) Here is a list from AARP in our area: AARP Local Assistance Directory |
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I would suggest that the woman be
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your all missing the point
The Lady was NOT asking for help - She was giving a reason, that's her excuse. Who knows the real reason she has, maybe just lazyness or being the Woman of the house has no idea how to hire someone.
But otherwise agree - could sell and live nicely in a 1 or 2 bedroom apt. for $ 900 a month .. and cash out a lot. |
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These people are all talking to each other. I m signing up to go see her this afternoon.
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https://nvweb.marioncountyclerk.org/...7&doc_status=V MCPA Property Record Card This is the purchase document https://i.ibb.co/nrrB4Z2/1.png https://i.ibb.co/KXLFnrV/2.png |
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She needs to see a financial counselor of some sort to review her financial situation and determine why she is in this situation.
Before this is done giving her money right now is just a temporary bandaid and kicking the can down the road. She obviously has a lot more house than she can afford or take care of and will probably need to downsize but not enough info to determine this. |
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Great solution. |
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If she is alone - without family assist or neighbors willing to help now is the time to look into independent or assisted living. She has new friends and activities
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There is no doubt she needs assistance... not sure some strange knocking on a 70something's door to offer to buy the house to then rent back is the answer....seems like someone taking advantage of a bad situation. if there were enough people really interested in helping they should organize a team to assess the whole situation. First and most importantly, talking to her.... what does she want, what opinions does she have, does she even want to stay here. Just blindly looking most likely is sell the house, take the proceeds and get a place on historic side with no bond. With all this said....yes covid us probably the biggest obstacle here, but maybe just a friendly knock to start. And yes, I would do it if I could, but because of covid I can't comfortably get down to my place and we'll ride out this pending Nor -easter while my home in warm Fl calls my name. Fingers crossed. |
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