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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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I would think all the owners have to agree to this, or like said he gets it on his 40%. But I would think that would complicate things for your parents. Do u know the company he is trying to get a reversed mortgage with? I may call them and ask if they are aware their are other owner. If ur parents are not in agreement, then the Mortgage company may not want to do business with brother.
Reversed mortgages are tricky. Mom and Dad could lose their home. If they are in agreement, I hope they understand how it all works. TV makes it seem so easy. But there are fees and regulations.
I read once it was possible for a spouse to sign to obtain a RM when the other spouse wasn’t old enough. Now the rule is that each person living in the home must agree. My BIL took one out and then died. Left SIL having to sell because she wasn’t old enough to sign when he took it out.
Does the brother have your parents POA for finances and medical? Is it activated?
They also must keep home owners insurance up, keep the taxes paid, keep the home in good repair etc. There are expensive fees, the full value can’t be borrowed. There are many factors to consider.
It is generally not considered the wisest way to solve a financial problem but there may be exceptions.
You don’t give many details in your post but if brother has been living with them and is their caregiver he may be desperate to hire help, make repairs, etc etc.
Sometimes what looks like a big mistake (and may be) is the only known option that is acceptable for all.
So, to get a reverse mortgage, he would need to be 62 or older and the home would need to be his primary residence. Is this your parents’ primary residence too?
I would expect additional owners to complicate the process. Do they also want a reverse mortgage on their portion or do they even agree that he can mortgage his share?
If they are all in agreement that this is a great, albeit expensive, way to keep them in their home for as long as possible, you can’t stop competent people from making questionable decisions.
If he just wants cash, I’d expect him to force a sale.
He only owns 40%, so everyone would have to sign the paperwork for any kind of loan. You need to talk to elder attorney. There may be a document that can be filed in county records to add another level of security when a title search is done.
Another issue, does he have POA? Another reason for mom/dad/you to see an elder attorney to fix the conflict of interest problem. As POA, he might be able to sign for parents and then for himself to pull off a reverse mortgage or other loan against the house.
Everyone on a deed has to sign off to make changes. A lot of these answers say to talk to an attorney. For $29.95/mo you can call Legal Shield who sets you up with a local attorney and they can answer any questions on any subject as often as you want. I was referred to them by a friend and have called them about 6 different things in the last year. Happy I called.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Reversed mortgages are tricky. Mom and Dad could lose their home. If they are in agreement, I hope they understand how it all works. TV makes it seem so easy. But there are fees and regulations.
My BIL took one out and then died. Left SIL having to sell because she wasn’t old enough to sign when he took it out.
Does the brother have your parents POA for finances and medical? Is it activated?
They also must keep home owners insurance up, keep the taxes paid, keep the home in good repair etc. There are expensive fees, the full value can’t be borrowed. There are many factors to consider.
It is generally not considered the wisest way to solve a financial problem but there may be exceptions.
You don’t give many details in your post but if brother has been living with them and is their caregiver he may be desperate to hire help, make repairs, etc etc.
Sometimes what looks like a big mistake (and may be) is the only known option that is acceptable for all.
Give us more details and perhaps we can help.
I would expect additional owners to complicate the process. Do they also want a reverse mortgage on their portion or do they even agree that he can mortgage his share?
If they are all in agreement that this is a great, albeit expensive, way to keep them in their home for as long as possible, you can’t stop competent people from making questionable decisions.
If he just wants cash, I’d expect him to force a sale.
Elder Law Attorney
Another issue, does he have POA? Another reason for mom/dad/you to see an elder attorney to fix the conflict of interest problem. As POA, he might be able to sign for parents and then for himself to pull off a reverse mortgage or other loan against the house.