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Re: Elderly Financial Counseling

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bentleypatterson wrote:

My Mom lives in Fort Collins, Colorado and is in a poor financial situation.  She is 77 and has made poor financial decisions which my brothers and I were not aware of.  Does anyone know of a free or low-cost financial counseling organization that can help evaluate the situation and make recommendations?  She is thinking of selling her house and moving into a smaller one, but we are not sure she has the financial means to do that.  She is having to decide between food and meds right now.  Thank you for any assistance.


For debt problem (all kinds) the best is the non-profit

National Foundation of Credit Counseling 

They have certified counselor all over - there is an 800 number on the website to find a close one in her area.  They can help her work out debt problems and establish her a plan to get out of debt or they may advise her to take legal steps depending upon her overall situation.  Read the website to see if they offer a program for her.  You an also speak to a counselor on the contact number.

 

If she owns her home outright or has a very low remaining balance a HUD approved reverse mortgage might help her increase her income because she would be getting equity payments while still living in the home.  This may or may NOT be a good idea.  Understand it before jumping into this.

 

HUD - FHA Reverse Mortgage for Seniors (HECM)

 

She might also qualify for senior independent living which is subsidized by the government - how much would depend on her income - most Section 8 slots stay full with a waiting list but there are other subsidies which allow about 30% off market rate.  Some of these places are really nice - others not so much - you just have to check them out.

HUD Approved Housing Counseling Locator

 

Eldercare.gov - Government Assisted Housing

Check out Section 202

 

You might find some other directions to check out at

Eldercare.gov - Service Locator

 

Sounds like it is time for you and your brother to get involved.  It will require asking a lot of questions - financial and otherwise - and I hope she is agreeable to your help.

 

 

 

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Elderly Financial Counseling

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Message 2 of 2

My Mom lives in Fort Collins, Colorado and is in a poor financial situation.  She is 77 and has made poor financial decisions which my brothers and I were not aware of.  Does anyone know of a free or low-cost financial counseling organization that can help evaluate the situation and make recommendations?  She is thinking of selling her house and moving into a smaller one, but we are not sure she has the financial means to do that.  She is having to decide between food and meds right now.  Thank you for any assistance.

MBP in CO
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