YES I have some experience in this area. Although I'm "mostly retired" I still practice law in the areas of Elder Law, Probate and Estate/Financial Planning, so will voice my thoughts regarding the situation.
Reverse Mortgages are NOT my favorite "product" although in certain situations they might prove (subject to a ton of factors) useful and remain one of the many tools in my estate and financial planning toolbox.
NOTE I have prepared several estate and financial plans for clients AND NO TWO WERE ALIKE. What's best and perfect for some gentleman on here may be totally opposite of what's best for another. I ask people do they want an estate and financial plan that's good for another person (or someone here) or do they want what's best for them ????????????
One option might be (person or their POA or Guardian) to establish an open Line of Credit, say $200,000 or so secured by a more traditional straight forward simple mortgage on the farm from which they could take monthly draws of the amount required. When the person passes the farm could be sold, loan repaid, and the heirs or devisees get their distribution. There are a whole variety of other methods of course. The ONLY way a Financial Planner or Banker or an Elder Law Attorney can give the best advice is to determine the person and familys exact goals and wishes and that cant be found by posting a few sentences here. It may take hours of interviews and legal research before a planner can render a worthwhile professional opinion.
As far as obtaining assistance, with a million dollars at stake, my advise is to seek qualified trained competent professional advice from say Bankers or Financial Planners or Elder Law Attorneys. Sure a lay person here or otherwise might offer advice or render their personal opinion or what they did and it may be right and it may be dead wrong SO ARE YOU WILLING TO GAMBLE A MILLION DOLLARS ON IT ??????????
Of course its far too late now to devise any beneficial plan to protect assets or dispose of them in a timely manner. Where Medicaid is involved there can be as many as a five year lookback.
Soooooooooo you ask a great and an often heard (by me at least) question and its my advice to seek professional trained experienced counsel from Bankers or Financial Planners or Elder Law Attorneys and whatever you do DONT BET THE FARM ON LAY OPINIONS ESPECIALLY WHEN ALL THE FACTS, FAMILY GOALS, AND THE LAWS OF YOUR STATE ARENT YET THOROUGHLY RESEARCHED
As always its your own concern and business do deal with as you so choose and NOT ours.
Best wishes and God Bless
John T BSEE, JD Electrical Engineer and Attorney at Law
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