Submitted by BTVwifey t3_1178apx in massachusetts
My parents have a home that is falling apart in southeastern mass. They've had some contractors come and say the whole back wall of the house is buckling, there's so much rot there's holes to the outside from the inside of the house. Are there any organizations that would help a senior with paying off their home or renovations to the home? TIA
It may be un-repairable and need to be torn down, or may be so expensive it's not worth it, and you would not recoup the investment. What your describing is major structural damage.
Sell it to a flipper. Get them out of there. It's not safe. Sounds like the place is a total rehab. Could cost $$$$ to fix it. Like $100,000 just a guess based on what you have described. This isn't a handyman job.
Eta: They could see if they would qualify for a re-fi with cash back to fix the house...but then they would have a 30-year mortgage again.
I'm not sure you can get a mortgage on a property with major structural damage unless you can prove you have the cash to repair it. Put yourself in the bank's position... would you loan money on a house that's likely to collapse?
Yeah, it would have to pass a home inspection/appraisal. It depends on how much they need to borrow, income coming in, credit rating, how bad the condition of the house is. A lot of factors. A long shot.
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Here are some programs I found with a Google, the only caution I have is that once you engage with the government over this, if they find a house unsafe to inhabit, that opens a can of worms for your parents.
https://www.hud.gov/states/massachusetts/homeownership/homerepairs
There is a lot of affordable housing for the elderly in MA, but it tends to have a long waiting list. I would find out about several local housing authorities in their town and the surrounding towns and get them on those lists. Then get them signed up for whatever other benefits they qualify for (you want to maximize money coming in and minimize money going out because you're getting them ready to move and you need to have a hard look at assets and income to do this optimally). Be sure that their paperwork is in order (health proxy, will, maybe even power of attorney). Then talk to a lawyer about how to sell or write off the house and move them in a way that impacts you the least and gets them the most value -either $$ for the sale (the land has some value, even if the house doesn't. all land in MA has value). You really want to consult a lawyer on this part, because there are so many tricks and loopholes and you need to get it right. Also, please talk to your local senior center, and if the one in their town is not great, find one in a nearby town. Senior centers are plugged in to elder services and all the other government agencies as well as Medicare and Medicaid. They can give you a lot of advice and put you in touch with the right people. Plus, check your regional Elder Care service agency - they can provide you will a lot of help too. Good luck, it's a long road.
Best course of action is to stabilize the house so that someone could theorhetically live there or at least qualify for a mortgage and then sell it. With the proceeds, your parents should be able to downsize to a small condo or similar
Your town may have a housing rehab program, e.g. https://www.plymouth-ma.gov/community-development/pages/housing-rehab-program
Here are some other ideas:
> The Resource, for Community and Economic Development, Inc. (TRI) is a non-profit corporation founded in response to a consortium of town and private sector representatives who wished to more actively and innovatively impact housing and economic development in Southeastern and Western Massachusetts, Cape Cod, and Martha's Vineyard.
contact the local elder services or elder community center for a recommendation. look up their local government website for links for elder services.
what you describing sounds like it could possibly get the house condemned. Is the decay so bad the its structurally unsafe.
NaggeringU t1_j9ajvau wrote
Look into a reverse mortgage