Investor · Pasadena, CA · Member since 2014 · 85 posts · 54 votes
Someone in the management end of a Senior Living Facility (not dealing with dementia patients) contacted me concerning helping some of their clients. She wanted to know if I could possibly purchase some of their homes in order to provide them with the funds to live in the care facility. Some have reverse mortgages and others just own the houses out-right.
I have no problem with the purchases, since the patients are have their full facilities (I wouldn't work with any of the Alzheimer's patients or dementia patients), but what land mines are there in this? Anything unusual about the reverse mortgages that I need to know in order to deal with them?
Residential Real Estate Broker · La Crosse, WI · Member since 2013 · 360 posts · 110 votes
12y
I know a realtor who specializes in senior sales. She said that she had to be very careful when selling a home of a person who goes into assisted or nursing facilites etc. You can screw up their finances with getting government assistance. I would have lunch with an probate/estate/elder lawyer and quiz them about the pitfalls of doing this. (You would also make a good contact with a person who will know of probates coming up)
On a personal note, I am always careful when dealing with seniors selling their house to make sure that one of the kids is aware of what's going on. I don't want to get sued/accused of taking advantage of a senior.