Senior Seller Becomes the Greatest Example for Change

Sally

An outstanding post, thanks for sharing the story and your thoughts.

Good luck and success.

Lou Ludwig

Amazing example for all of us.  Sorry she got laid off. Ex-employer is the loser.  Great she still has her home.

A relative of mine sold a house in the suburbs of a large city, moved to an in-town luxury apartment and rented. Loved it for 20 years, then when in his mid 80's it was sold out to a conglomerate, and the new terms made it impossible for him and his wife to continue living there. They had to move.  Sad. When you rent, you live under the landlord's terms.

Sarah

Sally, 

Glad your mom is in good shape to have choices!  As well, it's our job to help all of our seniors deal with what is the best move for them, even when that is staying put!

All the best, Michelle

Hi Sally, here is a recommendation. First would be a reverse mortgage on her current home. She can take the line if credit option and draw on the money as needed. Maybe 1,000 per month to supplement the income lost. There are many options. If she sells the home, let's say for 200k, she can down grade to something more manageable and do the Reverse Purchase. So let's say she buys a 100k property but only puts 40k down. She has 160k in the bank, less upkeep, and no mortgage. At least knowing these options exist might help her. Let me know if I can be of further assistance!

Sally - getting laid off is so ahrd, at any time, but perhaps even more difficult given the time invested. But perhaps your Mom will really enjoy her time and the home she owns.

Jeff

Oh Sally, so hard to hear that about your mother.  What a blow to the end of working for a company for so long!

If she has the same spirit as her daughter (which there is no doubt it was passed on to you!) I can only imagine what heart & soul she poured into the company.

Since this home has obviously served your Mom for so many years, it should be comfortable for more.

Just let her know that once my Mother and Mother in law retired, they've actually been busier than ever, NO TIME they tell me!  And they're having fun.

Hi Sally -- Your mom looks fabulous!  I'm glad she can stay put, sounds like a very comforting decision.  That is horrible on the way some companies choose to treat any employee, let alone a long-term employee, there is simply no excuse.

It's great when we can give a potential client advice that puts us in the vein of a trusted adviser, even when it's best for us to not have a new client.

HI Sally:  What an inspriational woman!  She won't sit still, will she?  Sounds like my mother-in-law; God bless the, both - and you too for your excellent advice.  Julie

You might sit down with your mom with a knowledgeable local lender and find out about how a reverse mortgage might work for her.

Sorry to hear your mom was laid off -- had to be a shock for her --- all the best.

Thanks for sharing your post with us.

Wishing you continued success.

Sally -good for you for listening advising and letting her make the decisions ..... so many would be pushing to make a decision based on what they thought was best but not necessarily best for mom or dad. 

In all that time the value continued to rise ..... it is now (when she is ready) a nest egg to carry her through the transition to a more leisurely lifestyle and beyond.

What a touching story...your mom is so lucky to be so active at her age. I'm sure she will make he best of her new found time.  You got some pretty great genes there!

Sally - this is indeed an amazing post about your mom! What a role model!!! And what a beauty!!!

Sally - Your mom is a beauty!  She also has a beautiful daughter who understands what her needs are. I hope she will be blessed with good health and will continue to remain in her home for years to come.  I know from experience just how hard it can be for seniors to have to transition to new surroundings.  She should remain content if this is where she wants to be and can live independently!

Sally - I was going to suggest the reverse mortgage option as well.  Sounds like your mom is like my parents - it's unthinkable to take on debt without the intention of paying it off!  Kudos to her, may she live long and prosper! and to you as well!

Sally:

What a lovely woman your Mom is.  Being laid off at 83 is amazing.  Amazing that she was still working at 83.  You have good genes.  I hope I am as active as your Mom when I hit 83.