'When mom has been in need of money before, I have suggested a reverse mortgage, which our mom adamantly opposed.'
My mom has documented dementia. She is high functioning, but she has been told not to drive. She has written duplicate checks unknowingly, and has been overdrawn several times in recent years.
You have been forewarned about your sister’s intentions. Selling your mother’s home at 50% of the market value, aside from being a disservice to your mother and opportunistic of your sister, could be disastrous for your mother if she needs long-term care, and there’s no money to take care of her. If your sister files for power of attorney over your mother’s finances, she would have a fiduciary duty to act in her best interest. However, such a role also comes with significant legal clout, including the ability to sell your mother’s house. Selling it below market value would be a breach of her fiduciary trust.
Family dynamics at this juncture can be ruined if they do not see eye to eye and money/greed gets in the way,” Singh says. As such, it’s better to prepare than wait until your hand is forced, and you are acting in response to a medical crisis or some other financial impropriety.
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