Elderly & Dissabled Parents Need Help
Hi, my parents are in a financial crisis. My dad just had a stroke that left him disabled and unable to work. He is going to require 24/7 help. My mother is the caregiver of a granddaughter and now my father, so she is also unable to work. They are both in their mid 60's and don't qualify for disability. They have about $200k in equity in their home. Our first idea was to downsize their home to reduce all expenses and be mortgage free. My husband are I are willing to help in a way that can provide them with some kind of income, if we were going to use their equity and invest in real estate for rentals instead of having them buy another house cash with the equity they have if they sell their home. We have savings and perfect credit. What would you do? Any recommendations? Contracts? TIA