Retirement Homes Questions and Answers

mom has second mortage on a home that is appraised @$80,000, home is worth approx $25,000, I told her to walk away she will never finishing paying, condition of the home is poor, unable to make repair, cannot find any resources in her community to help ( community is East Cleveland, Ohio, Help

My mother currently resides in home of 35+ years, she purchased the first mortgate in 1996, she obtained a second mortgate that was overestimated: current second mortage she owes $80,000, she was taken adavantage of: I have attempted to assist her with obtaining community resources, in the city of East Cleveland, Ohio: nothing but brick walls: she cannot refinance or obtain reverse mortage but the home was extremely over appraised:she receive minimal work of the home; know the home is in need of serious repairs that the homeowners insurance does not cover: I need help, I have asked her to walk away from the home:whoever is reading the e-mail know how difficult it is for senior to leave their home: Can anybody help
March 4, 2013

1 Answer

Thank you for sharing your story and information. We understand and sympathize with the situation your mother is in. Our partners at Elderlife Financial, who provide real estate and financial solutions for senior living communities, believe there is an organization with affiliates in Ohio that may be able to provide assistance. "Rebuilding Together"  is a network of non-profit organizations that provide extensive home rehabilitation and modification services to home-owners in need. Their work also positively impacts the condition of the surrounding community as well, through community centre rehabilitation, playground builds, and partnerships with organizations focused on energy efficiency, sustainable community gardens, volunteer engagement, and education.
March 19, 2013