Keeping the Condo

Expert, localized Los Angeles answers provided by Heather Roy

Keeping the Condo
	My father has moved into an assisted living unit. He owns a condo worth about $160,000 and owes 30,000. He really wants to hold onto the condo for my wife and I to have but needs money and I don't have the money to buy it from him. I think a reverse mortgage he has to live in the condo. Are there other ways we can save the condo but yet get money from it for him? Thanks

	You're right in thinking that a reverse mortgage will only work for someone who is living in the property. There are other possibilities like renting out the condo but frankly I don't think they'd be a good idea. It'd really be asking for trouble. Sounds like selling it is about the best idea. YOu can always consult a lawyer who specializes in elder law for advice.
	Edith Originally published on November 5, 2007

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