Can my elderly & sick parents get a 2nd mortgage/loan on their home?
Home in Mom’s name. Married to our Step-dad for 30 yrs. Home is paid for. They receive 2500.00 mo, (soc. sec. & his pension) Our step-brother handles their finances & now says they have no money & wants them to get a 2nd mortgage/loan on this home. Mom has a will leaving the home to her children..this was agreed upon when they married, his 1st family got his home after the youngest child became 18. Step-dad has a will but we have not seen it.They are both 82 & in very poor health. Bills are taxes, groceries, cable & utilities, health insurance for Step-dad, Mom is on Wisconsin’s state health plan & some medications they pay out of pocket also. We think our Step~brother is trying to make himself some easy cash & are afraid he will trick our Mom into signing for this. Aren’t they too old & sick to even qualify for another mortgage or loan? And if not, what can we do to prevent this from happening?
Thank-You in advance for any help you can give us & for taking the time to read our questions.