That will leave them with ~ $3000/month to live on.
Is there a program by which a house could be purchased for my parents, to live in until they die and then that house would revert in ownership to my towns affordable housing trust?
I live in Falmouth, MA.
Thank you,
J
Hi Jay,
Welcome to the Community Tool Box and Ask an Advisor. Unfortunately, your question is beyond the scope of the resources we provide given the type of work we do. My suggestion is to contact the affordable house trust (http://www.falmouthhousing.org/) directly as a place to start and see what they have to say; my guess is that if such a program exists they would know about it and can put you in contact with them. You might also try the Falmouth Housing Corporation (http://www.falmouthhousingcorp.org/) and the Falmouth Housing Authority (http://www.falmouthhousing.org/). The only other thing that comes to mind is a reverse mortgage, but this would be a last resort type of strategy. If they go that route make sure a lawyer looks over the agreement and explains everything to you so everyone understands what such an agreement entails; as always, caveat emptor (i.e., buyer beware).
For your edification, let me offer you a brief primer on the CTB to explain who we are and how we work: "The Community Tool Box is a free, online resource for those working to build healthier communities and bring about social change. It offers thousands of pages of tips and tools for taking action in communities. Under continuous development since 1994, the Community Tool Box is widely used in teaching, training, and technical support. Currently available in English, Spanish, and Arabic and with millions of user sessions annually, it has reached those working in over 230 countries around the world. The vision behind the Community Tool Box is that people — locally and globally — are better prepared to work together to change conditions that affect their lives. Our mission is to promote community health and development by connecting people, ideas, and resources. With the belief that people can change their communities for the better, and informed by disciplines including applied behavior analysis, public health, and community psychology, partners (i.e., the Work Group) at the University of Kansas and collaborating organizations developed the Community Tool Box as a public service. Our fervent hope is that these tools can make it easier for people to take action to assure healthier and more just communities throughout the world. The Work Group also provides a variety of services including technical assistance and training and participatory evaluation of community-based efforts." This link will take you to our flier that provides a snapshot of what we do: http://ctb.ku.edu/sites/default/files/site_files/community_tool_box_flye....
With that Jay, all apologies for not being of more use to you as your question is beyond our purview. Best of success to you.
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