Dad forced into retirement early with mortgage & struggling
So my dad is currently 55 years old and has been unemployed for the past 8 months. He's been in the hotel industry his whole life but was let go from his job back in May and is struggling both financially and mentally as a result.
The problem is just like everyone else in his position, he wasn't prepared. He currently lives in the Florida Keys and the mortgage to his home is roughly $3000 a month (from what he told me). This is a lot of money for him and he can't pay it all. As a result, my stepmom is working 7 days a week to be able to help him keep up. As a result, this is putting immense stress on her and the overall relationship.I called my dad the other day asking about what his plans were for the holidays and he told me he was depressed. Not what you want to hear from your dad.
I know my dad is a grown man and can figure stuff out on his how, but he's not business or financially savvy enough to do some creative real estate deal, especially now that his head isn't in the right place. This home is really the only asset he has and would do whatever it takes to stay there. (Probably not possible IMO)
I was hoping that the BP community could offer some advice for my dad. The home is worth close to $800k, he has $325k left on the mortgage and can't refinance because he's unemployed. I want to say there are roughly 20 years left on the mortgage (If I could guess). Putting the home in my steps mom's name isn't an option.
I'm starting to get into real estate myself so I don't know what other options he has other than sell the property. Are there other financing options where he could sell the home to someone and receive a check every month and stay in the home?
In terms of job prospects, things are grim due to his age and job market overall. Did I mention, he sued the company for firing him due to age discrimination? fun stuff
I would be super appreciative of any guidance on this matter. Thank you in advance