A lot of great information here. I was living with my father for years. I gave up my life to ensure he stayed in his home, where he belonged rather than wind up placed and forgotten in a skilled care facility. When I moved in with him I had a very large nest egg. Over the years I spent that on him mostly, taking him nice places, investing in an luxury RV with him, and helping pay for this and for that. Eventually my resources dried up and he began supporting us both as he had a nice pension Including the help from his Reverse Mortgage. He understood nothing about it, only that the bank would pay him every month, nothing more. Sad, I know I can't do a darned thing about that.
He died on 09 April of this year 2014.
I am left here with NOTHING, no income, I'm 52, I won't procure any kind of employment at my age and with no skills, degrees or decent job history I'm knowing I'm pretty well screwed.
I have no friends, no family, no place to go. The house is FULL of things, nothing of financial value, however, we've lived here a very long time, my Daddy since November of 1982, I joined him here in 2008. I don't want to have to leave my fathers home, the only place I can go is under the local bridge or to a gosh darned homeless shelter. I've lived too good for too long to have to succumb to this. No, we had no will, no nothing, I've lectured everyone all my life on investing in a Living Trust, it dawned on me when my Daddy took his last breath that we never made one out. Siiiggghhh. The house is worth circa $250k now, the bank or banks rather (the note has been sold a time or two since inception) have paid out $300k. Home is located in SoCal.
How long can I expect to be able to stay here before the bank shows up with the police and kick me out to the curb keeping all the contents of the property.
I may not like reading what you folks have to type, however, your comments will nevertheless be appreciated.
Please view my blog where I share more about my current situation and please share it as much as you can.
Mr. E. Vogt