this post was submitted on 29 Sep 2024
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That's not necessarily a bad strategy, either. Most people, their home is their major asset, but you can't really access that value to buy groceries in retirement. Take money out on a new mortgage on the inflated value of the house, buy groceries and pay mortgage with that money, and move in with the kids when/if the money runs out. The bank will take the house in the end, but leaving nothing to the heirs may be better than spending your last years living in your kid's basement. The whole 'reverse mortgage' industry has grown up around just that plan.
Though she didn't needed to do that. her daughter and adult grand kids live with her. I dk why she did this. We all have jobs. There wasn't a time she wasn't getting rent from multiple people.
Do you know where the money went? Sounds like there's a couple hundred grand in cash floating around out there.
I don't and while I want to grill her to find out my siblings don't want to push the issue. Like we are doing math and maybe we can account for 100k if she paid top dollar for anything. The rest we don't have a clue.