Concern For My Father-In-Law

[Tami Egbert]

Hello everyone,

I am hoping for some feedback regarding my father-in -law, and a possible real estate transaction. He is 73 years old and has his own home, and still carries a mortgage on it. He has refinanced it several times, and I'm concerned that he now owes more on it than what it is worth. He remarried a few years back, and his current wife owns her home free and clear. They are residing in her home, and has his home rented to someone. He is finding it difficult to maintain both households, so has chosen to place his wife's home on the market for sale, and move back into his home. From what I understand, he does not have any coverage on the house to satify the mortgage in the event he should pass away. I'm not wanting to tell him what to do, but am not wanting to see him get himself, as well as his wife into a financial hardship situation. Any advice?

[Bob B.]

Some of us, when we get older, don't like to take advice from younger folks.  Having him talk with an estate attorney sounds like the best plan.  Like Jennifer suggested.  You could offer to give him a gift certificate for Father's Day. 

Good luck.