[brailsafe]

This was the case with my dad and he isn't even 55. His house wasn't even worth all that much relatively speaking, but he had too much debt, not enough income, and too many expenses (more kids).

It's fairly likely we won't see any inheritance from him. The 2 of us who can realistically work for a living might make more, but it's not looking likely either of us will ever be able to retire. On the other hand, if I chose the same life, it's plausible I could buy a house eventually, but buying a house in my home town isn't worth the trade of living in my home town.

[toomuchtodo]

Not advice, educational purposes only. Speak to an estate planning attorney. Depending on resources and objectives, a property can be transferred into a corporate or trust entity. Parent rents from the entity, this covers the mortgage payment. Upon parent's death, property basis is stepped up (no capital gains), beneficiaries retain control of the asset. If children wanted to rent it out to cover the mortgage, they can. Federal statute prohibits a lender from accelerating the note when a property is transferred from parent to child(ren) (Garn-St. Germaine Act). This preserves the equity in the asset while shielding it from creditors (potentially, strongly contingent on state creditor law). Speak to an estate planning attorney.

Primary residence equity is the largest component of wealth in most family estates, ergo maximize efforts and opportunity to protect that wealth. When it’s gone, it’s gone. Good luck.

[brailsafe]

Thanks for the detailed suggestion, I do appreciate it, but it's gone. I just hope he's able to relieve himself of a few burdens and find a way to earn a better income for the rest of his life, although it's a pretty bad time to hope for that.