How to Leverage Property to Afford a Loved One’s Care Facility

When a loved one must be moved to a care facility, there are ways to leverage their property in order to afford the high cost. Q: My father has Alzheimer’s and I have power of attorney over his home. Due to the past hurricane damage, the home is in need of major repairs, everything from a new roof to new plumbing, and electrical work. These repairs are estimated to cost $21,000. The home has no mortgage and the property is worth about $60,000. Currently, my sister has been caring for my father, but it has become increasingly difficult on her. I was wondering if it was wise to have the home placed in my name and take out a mortgage on the property and use it for his care in a facility and to make some repairs over time. A: As the power of attorney holder for your father, you have a duty to act in your father’s best interests

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How to Leverage Property to Afford a Loved One’s Care Facility