All Forum Posts by: Rita Camden

When she set up the trust she put me as trustee and also added me as power of attorney so she didn't have to make decisions anymore.  She made it clear that she didn't care what happened to the condo as long as she was able to stay in it as long as she was physically able, but she also wanted the farm to go back to the family.  That's why I wanted to borrow on the condo.  The family never expected to keep the condo so we didn't mind doing the reverse mortgage.

My aunt has a condo in California and farm ground in Indiana. She owns both free and clear. Together her assets total more than $1 million, but she is out of cash. She wants to stay in her condo but can't afford to pay for healthcare on her income. I have tried Reverse Mortgage, but was turned down because the HOA is too small (10 units) and doesn't have enough cash. I have tried Equity LOC but was turned down because the condo is in a revocable trust. They said she could revoke the trust, leaving them high and dry, even though the trust specifically says that as trustee, I can retain any assets needed to meet commitments. The farm ground is also in the trust which, I assume makes it ineligible, too. The farm ground is part of the family farm so we don't want to sell it either.