Aug 04, 2015 - 10:08 AM
You may want to look into a government insured Home Equity Conversion Mortgage (HECM). They would have no mortgage payments, we actually pay them. They would be responsible for property taxes, homeowners insurance and maintenance of the property. Based on what you wrote they may want to consider taking monies at closing to pay off all their debt and also look at receiving a monthly payment.
Sep 08, 2015 - 03:15 PM
You should not have to do this alone. Reach out . . . and be really ugly if you have to.
Your grandparents will soon exceed their credit allowance and/or not be able to meet their minimal credit card payments!
Then, they will really be looking at upleasant issues.
A home equity loan and/or bankruptcy may be the proper route. Just don't wait . . . investigate.
And thanks for being a good grandchild!
Sep 16, 2015 - 07:50 AM